Maples and Calder and Maples Fiduciary recently assisted AerGen in connection with the US$324.7 million asset backed loan securitisation of a portfolio of 19 narrow body aircraft by Harbour Aircraft Investments Limited (the "Borrower"). This was the debut ABS issuance by AerGen, who is a relative newcomer in the aircraft leasing market, and all three tranches of the issuance were oversubscribed.
Aergen Aviation Finance Limited will act as servicer to the portfolio and Maples Fiduciary Services (Ireland) Limited will act as Managing Agent to the Borrower. DVB Bank SE provided the liquidity facility to the Borrower, while Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC acted as joint lead arrangers for the offering.
Maples and Calder provided Cayman Islands legal advice and support to the Borrower through its Cayman Islands office, and also provided Irish legal advice to the Managing Agent through its Dublin office.
In its role as Managing Agent, Maples Fiduciary will provide cash management and calculation services, issue monthly statements to loan holders and investors and offer its full suite of company secretarial and accounting services to the Borrower. In addition, Maples Fiduciary is engaged to provide directorship services to the Board of the Borrower entity and to each of its subsidiary entities.
The Maples and Calder team in the Cayman Islands was led by partner Tina Meigh and associate Barnabas Finnigan, with assistance from associate Shari McField, and in Dublin by partner Donna Ager with assistance from associate Aine O'Hara. The Maples Fiduciary team was led by Stephen O'Donnell with assistance from Jarlath Canning, Julian Dunphy and Paul Griffin.
Mark Western, head of Maples and Calder's Asset Finance practice, commented: "We are pleased to have assisted our client AerGen in their debut ABS issuance. This transaction further solidifies the unmatched expertise and advice the Maples group provides to our clients and we look forward to continuing to work with AerGen."
About Maples and Calder
Maples and Calder is a leading international law firm advising financial, institutional, business and private clients around the world on the laws of the Cayman Islands, Ireland and the British Virgin Islands. Maples and Calder has offices in the British Virgin Islands, Cayman Islands, Dubai, Dublin, Hong Kong, London and Singapore.
With a reputation as an innovative, entrepreneurial firm, Maples and Calder is known worldwide as a market leader with highly qualified lawyers who are specialists in their respective practice areas.
About MaplesFS
MaplesFS, through its divisions Maples Fiduciary, Maples Fund Services and Maples Private Client Services, is an independent global provider of specialised fiduciary, corporate formation, administration and trust and private client services. With offices in key locations around the world, its clients include global financial institutions, institutional investors, investment managers and international corporations.
MaplesFS leverages its affiliation with international law firm, Maples and Calder, to provide professional and timely advice that draws upon jurisdictional knowledge and experience. For more information, please visit www.maplesfs.com.
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