Secured debt financing of two Airbus A380-800 aircraft and one Airbus A330-200.
Advisor to Bank of China on behalf of a syndicate of offshore financiers in relation to the financing of three Airbus aircraft to Qantas Airways Limited utilising a section 128F facility to provide funding to the airline. This was Qantas’ first deal involving Airbus A380 aircraft in Australia.
Lead partner: John Hambly
__________________________________________________________________________________
China Air Sale and Leaseback
Advisor to Investec on its first transaction with China Airlines Limited. This matter involved complex cross-border issues that needed to be resolved on an ongoing basis during the course of the negotiations between Investec and China Airlines Limited. We were closely involved in all negotiations, sending a Mallesons partner with language capability to Taiwan for negotiations.
Lead partners: James Mok, John Canning and Douglas Lochhead (Special Counsel)
__________________________________________________________________________________
ANZ Facility to Qantas Airways
We advised financiers in relation to the refinancing of seven Bombardier aircraft to Qantas using a series segregated section 128F conduit structure. The financiers included domestic and overseas financial institutions.
We set up a S128F structure and insolvency friendly structure and documented most of the transaction. The structure involved a sale and lease of the aircraft, various loan agreements and security over the assets of the leasing companies.
Lead partners: John Canning and Betsy-Ann Howe (Tax)
__________________________________________________________________________________
BNP Paribas Singapore - Qantas BNP Consortium - B738 Secured Debt Facility Advice
We advised a consortium of banks which were the arrangers and underwriters of a section 128F Secured Loan Note Facility for the financing of five Boeing 737-800 aircraft to Qantas Airways Limited. Mallesons’ experience in dealing with Qantas and knowledge of the market were critical to the smooth completion of the transaction, during a time of great flux and volatility in the market.
Lead partners: John Canning, John Hambly, Douglas Lochhead (Special Counsel) and Betsy-Ann Howe (Tax)
__________________________________________________________________________________
Investec Bank (Australia) Limited - Qantas A330 Sale and Leaseback Financing
This was the first purely domestic Australian sale and leaseback financing transaction for Investec Global Aircraft Fund and was also the first on-balance sheet aircraft financing for Commonwealth Bank, with whom Investec co-financed the aircraft. We acted as transaction counsel for Invested as arranger, and prepared all of the leasing and financing documentation.
Lead partner: John Canning and Douglas Lochhead (Special Counsel)
__________________________________________________________________________________
Export Credit Financing of four A380 Aircraft
This was the first export credit supported financing of Airbus A380 aircraft in Australia, with the first of the four A380 Aircraft being delivered on 27 December 2008. The deal had a strong international element as the aircraft was delivered in France, the financiers were based in Singapore, the principal transaction documentation was governed by English law and the security documents were governed by Australian law.
Lead partners: John Canning and Betsy-Ann Howe (Tax)
__________________________________________________________________________________
GE Commercial Aviation Services - Virtual Secondment
We provided a six month ‘virtual secondment’ to the Singapore office GECAS, one of the world's largest operating lessors, during which we worked with the GECAS legal and commercial teams in the Asia-Pacific region and in Ireland, on a range of aircraft leasing, financing and portfolio management matters. These included the lease of four Boeing 737 aircraft to Garuda Indonesia, the sale and financing of two Boeing 737 aircraft to PT Lion Indonesia, advising on various default and repossession related matters and other portfolio management issues.
Lead partners: : John Canning, James Mok and Douglas Lochhead (Special Counsel)
__________________________________________________________________________________
FlyBe Operating Lease for Allco Finance Group Limited
Mallesons London Office acted for Allco Finance Group Limited in arranging debt financed operating leases of 6 Embraer 195 Aircraft. This is the first Australian arranged operating lease to FlyBe. The transaction involved highly structured arrangements to cater for different levels of debt and equity, with different rankings against different asset classes, and tax and other cross-border legal issues involving Australia, England and Brazil.
Lead partners: Hal Bolitho and Betsy-Ann Howe (Tax)
__________________________________________________________________________________
Clickair Operating Lease for Allco Finance Group Limited
We acted for Allco Finance Group Limited in arranging debt financed operating leases of 2 Airbus A329 Aircraft, with an option for an additional 2 aircraft. This is the first Australian arranged operating lease to Clickair.
The transaction involved an aircraft purchase from Iberia for lease to Clickair. The structuring involved highly structured arrangements with different levels of debt and equity, and different rankings against different asset classes. Tax and other cross-border legal issues involved Australia, England, France and Spain.
Lead partner: Hal Bolitho
__________________________________________________________________________________
Irish Operating Lease Structure for Allco Finance Group Limited
We acted for Allco Finance Group Limited on establishing an Irish based operating lease structure for the leasing of seven A320 aircraft to Indigo Airlines of India.
The transaction involved highly structured arrangements to cater for different levels of debt and equity, with different rankings against different asset classes, and tax and other cross-border legal issues involving Australia, Ireland and India. Two main forms of debt structures were utilised for this arrangement including one involving the issuing of notes by an Irish financing company.
Lead partners: Adrienne Showering and Betsy-Ann Howe (Tax)
__________________________________________________________________________________
Operating Lease of two Embraer Aircraft to Virgin Blue
We acted for Aldus Aviation, a UK and Irish based leasing company in structuring and documenting a sale and leaseback of two Embraer EMB 190 aircraft to Virgin Blue.
The transaction involved structuring of a sale and leaseback utilising a head lease / sub lease structure through Ireland and the United Kingdom including the obtaining of two positive income tax rulings from the Australian Taxation Office in relation to the transaction.
Lead partners: Betsy-Ann Howe (Tax) and Hal Bolitho