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Deals

Maples and Calder Advises Diamond Head Aviation on US$260m ABS

26 Aug 2015

Maples and Calder recently advised Diamond Head Aviation 2015 Limited (the "Issuer") on the Cayman Islands legal aspects of its US$260.75 million asset backed securitisation ("ABS") of a diverse portfolio of 30 aircraft.

AWAS (Ireland) Limited will act as servicer to the portfolio and Royal Bank of Canada provided the liquidity facility to the Issuer, while Wells Fargo Securities, MUFG, RBC Capital Markets and Credit Agricole Securities acted as joint bookrunners for the offering.

The Maples and Calder team in the Cayman Islands was led by partner Jonathon Meloy and associate Barnabas Finnigan, with assistance from associate Shari McField. 

Alasdair Robertson, Global Head of Finance, commented: "This high-profile transaction, with its complex structure, exhibits and further deepens Maples and Calder's unrivalled experience in acting as Issuer counsel on aircraft portfolio ABSs.  Our multi-disciplined team have been able to draw on their experience in both Aircraft Finance and Structured Finance transactions, which are two of Maples and Calder's core practice areas, and we are very pleased to have been able to assist our client with this important transaction."

Maples Fiduciary, a division of MaplesFS, acted as share trustee to the ABS.  Maples Fiduciary's aircraft finance team acts for approximately 35% of the world's airlines and approximately 45% of the world's aircraft lessors.  A market leading provider of fiduciary services to structured finance vehicles, Maples Fiduciary's aviation services span a wide variety of areas, including export credit agencies, financial institutions, lessors, airlines and private equity funds active in the aviation sector.

The Issuer was advised by Clifford Chance in the US while Hughes Hubbard & Reed LLP acted as US counsel to the initial purchasers, and Vedder Price acted as US counsel to the E Note Holder.

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.