Aviation

Fact Sheet

Experience

  • Finance And Capital Markets

    • Spirit Airlines in its $600 million secured notes offering, backed by assets and intellectual property of Spirit’s Free Spirit and Spirit Saver$ Club programs.
    • Spirit Airlines in its common stock offering of over 10.5 million shares, $500 million aggregate principal amount of new convertible notes offering 1.00% convertible senior notes due 2026, $146.8 million repurchase of its existing 4.75% existing convertible senior notes due 2025 and redemption of $340 million of its existing 8.00% senior secured notes due 2025.
    • JetBlue in its $808 million 2020-1 EETC offering and $116 million 2019-1B EETC offering.
    • Alaska Airlines and Horizon Air Industries in their $1.17 billion inaugural EETC offering.
    • JetBlue in its $1 billion delayed draw term loan credit facility.
    • American Airlines, Delta Air Lines and Spirit Airlines in more than 23 offerings of EETC pass through certificates financing and refinancing in the aggregate more than 480 new and vintage aircraft and raising more than $14.5 billion in proceeds, including the first ever EETC offering by an airline in bankruptcy and the largest EETC to date in terms of both aggregate proceeds and number of aircraft in the collateral pool.
    • American Airlines in a series of sale-leaseback transactions for 18 Boeing 737-800 and Airbus A321 aircraft involving three separate leasing companies.
    • American Airlines in a series of mortgage financings completed in 2017 in the aggregate amount of approximately $485 million with three separate lender groups to finance the purchase of eight new Boeing 737-800, Boeing 787 and Embraer ERJ 170 aircraft.
    • American Airlines in first-ever JOLCO to a U.S. airline involving Crédit Agricole Corporate and Investment Bank, Tokyo Branch, a transaction awarded the “Jolco Finance Deal of the Year: Americas” by Global Transport Finance for its “pioneering Jolco structure”.
    • American Airlines in separate innovative, two-tier mortgage financing transaction, one with a PIK feature and a finance lease transaction covering in the aggregate seven mainline aircraft.
    • American Airlines in a series of mortgage financings completed in 2016 in the aggregate amount of approximately $950 million with nine separate lender groups to finance the purchase of 23 new Airbus A321, Boeing 737-800 and Boeing 787 aircraft.
    • American Airlines and US Airways in mortgage financings by Crédit Agricole Corporate and Investment Bank, New York Branch, of two Embraer ERJ 170-200 LR aircraft, purchased by American from the manufacturer, and two Airbus A321 aircraft, purchased by US Airways from the manufacturer, and the leasing of the two ERJ 170-200 aircraft to Compass Airlines.
    • American Airlines and US Airways in mortgage financings by DVB Bank SE of two Boeing 737-800 aircraft, purchased by American from the manufacturer, and one Airbus A330-200 aircraft, purchased by US Airways from the manufacturer.
    • American Airlines and US Airways in mortgage financings by Sumitomo Mitsui Banking Corporation, New York Branch, of one Boeing 737-800 aircraft and one Boeing 787-8 aircraft, each purchased by American from the manufacturer and one Airbus A321-200 aircraft, purchased by US Airways from the manufacturer.
    • American Airlines in mortgage financings by Commonwealth Bank of Australia, New York Branch, of four Embraer ERJ 170-200 LR aircraft, purchased by American from the manufacturer, and the leasing of those aircraft to Compass Airlines.
    • American Airlines in mortgage financings by Export Development Canada of up to 54 Bombardier CRJ900 aircraft and the leasing of those aircraft to American Eagle carriers.
    • American Airlines in its $1.9 billion term loan and $1 billion revolving credit facility secured by certain route authorities, slots and rights to use or occupy space in airport terminals that American uses to operate international passenger service between the United States and South America, including Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay and Venezuela, for which American won Airline Economics Aviation 100 “2014 Restructuring Deal of the Year” award.
    • American Airlines in backstop financing arrangements for its purchase of 60 E175 aircraft from Embraer and 30 CRJ900 aircraft from Bombardier.
    • American Airlines in the aircraft financing aspects of the then largest aircraft order in aviation history, the acquisition of 460 narrowbody, single-aisle aircraft from Boeing and Airbus, with options for an additional 465 aircraft, which included approximately $13 billion of committed financing provided by the manufacturers.
    • American Airlines in its sale-leaseback arrangements with AerCap to finance up to 35 new Boeing 737-800 aircraft, for which American won Airfinance Journal’s “2012 Sale/Leaseback Deal of the Year” award.
    • American Airlines in its sale-leaseback arrangements with ILFC to finance up to 15 new Boeing 737-800 aircraft.
    • American Airlines in its $1 billion offering of high yield bonds secured by certain route authorities, airport take-off and landing slots and rights to use or occupy space in airport terminals that American uses to operate international passenger service to London, Tokyo, Beijing and Shanghai.
    • AMR in the financing of 100% of the purchase price of 22 future deliveries of CRJ700 aircraft, through a combination of financings from Export Development Canada and another party.
    • American Airlines in its innovative $450 million offering of notes secured by over 140 vintage aircraft, part of a series of financing transactions for which American won Airfinance Journal’s “2009 Editor’s Deal of the Year” award.
    • AMR in its $400 million common stock offering and concurrent $460 million convertible notes offering, part of a series of financing transactions for which American won Airfinance Journal’s “2009 Editor’s Deal of the Year” award.
    • American Airlines in a combined mortgage and sale-leaseback financing raising total proceeds and commitments of $1.8 billion, part of a series of financing transactions for which American Airlines won Airfinance Journal’s “2009 Editor’s Deal of the Year” award.
    • American Airlines in its Rule 144A $276 million offering of notes secured initially by cash collateral and subsequently by 12 Boeing aircraft.
    • American Airlines in arranging backstop financing for Boeing 737-800 aircraft to be delivered between 2010 and 2011.
    • American Airlines in its 2005 sale-leaseback of 89 Rolls-Royce RB211-535E4, General Electric CF6 and Pratt & Whitney JT8D-219 spare jet aircraft engines, with debt obtained in a capital markets financing.
    • American Airlines in its $600 million revolving credit and $250 million term loan facilities.
    • American Airlines in its Rule 144A offering of notes secured by aircraft spare parts, the first capital markets spare parts financing of its kind to be completed without the benefit of a bond wrap.
    • Delta Air Lines in a series of leasing transactions completed in 2017 with three separate leasing companies for 16 new Airbus A321 and Boeing 737-900ER aircraft.
    • Delta Air Lines in a series of mortgage financings completed in 2016 in the aggregate amount of $450 million with five separate lender groups to refinance 26 vintage Airbus A319, A320, A330 and Boeing 737-700 aircraft.
    • Delta Air Lines in a series of leasing transactions completed in 2016 with three separate leasing companies for 25 new Airbus A321, A330 and Boeing 737-900ER aircraft, including first-ever JOL to a U.S. airline.
    • Delta Air Lines in arrangements in 2015 and 2016 for leases of 10 Boeing 737-900ER aircraft and 14 Bombardier CRJ900 aircraft from subsidiaries of CIT Group.
    • Delta Air Lines in mortgage financings covering 23 Boeing aircraft.
    • Delta Air Lines in lease arrangements relating to 10 Boeing 757-200 aircraft with a large international leasing company.
    • Spirit Airlines in a series of mortgage financings for up to $528 million with eight different lender groups for the purchase of 14 Airbus A320 and Airbus A321 aircraft.
    • Spirit Airlines in mortgage financings for up to $185 million with a syndicate of banks involving senior and junior loans for the purchase of five Airbus A320 aircraft.
    • Spirit Airlines in mortgage financings for up to $379 million with a syndicate of banks involving senior and junior loans for the purchase of seven new Airbus A320-200 aircraft and three new Airbus A321-200 aircraft.
    • US Airways in mortgage financings by Commonwealth Bank of Australia, New York Branch, and Banco de Sabadell SA, Miami Branch, of two Airbus A330-200 aircraft, purchased by US Airways from the manufacturer.
    • US Airways in mortgage financings by Banc of America Leasing & Capital of five Airbus A321-200 aircraft, purchased by US Airways from the manufacturer.
    • Aeroflot in its finance leases of 10 Sukhoi Superjet aircraft with VEB Leasing.
    • Aeroflot in the long-term lease and financing (underwritten by guarantees by Eximbank, the U.S. export credit agency) of 10 Boeing 737 aircraft.
    • Aeroflot in its $100 million syndicated credit facility.
    • Aeroflot in operating lease arrangements relating to 10 Airbus A320 and 6 Airbus A330 aircraft.
    • Aeroflot in operating lease arrangements relating to 4 Boeing 767 aircraft.
    • Aeroflot in operating lease arrangements relating to more than 25 Airbus A319, A320 and A321 aircraft.
    • Gogo, the world’s leading provider of in-flight connectivity, in its $187 million initial public offering of common stock.
    • Gogo in its $135 million senior secured term loan facility in 2012, which was subsequently increased to $248 million in 2013 via an incremental facility.
    • Cessna Finance Corporation in general and ongoing representation in respect of numerous business jet leasing and financing transactions in the UK, France, Germany and Russia.

  • Recent EETC Offerings

    • Delta Air Lines in its $500 million offering of enhanced equipment trust certificates (“EETC”) secured by two Airbus A220-100 aircraft, six Airbus A321-200 aircraft, four Boeing 737-900ER aircraft and two Airbus A350-900 aircraft, in two non-amortizing tranches, the first EETC offering by a major U.S. airline to include Airbus A220 aircraft as collateral.
    • Spirit Airlines (2017-1) in its $420.5 million offering of EETCs secured by 12 Airbus aircraft.
    • Delta Air Lines (2015-1) in its $500 million offering of EETCs secured by 15 Boeing aircraft, which was the first EETC to feature the now market-standard Class “AA” senior tranche.
    • Spirit Airlines in its $576.6 million offering of EETCs secured by 15 Airbus aircraft, which was Spirit Airlines’ inaugural EETC offering.
    • American Airlines (2013-1) in its $783 million offering of EETCs secured by 13 Boeing aircraft, which was the first ever EETC offering by an airline while in bankruptcy.
    • Delta Air Lines (2012-1) in its $479 million offering of EETCs secured by 31 Airbus and Boeing aircraft.
    • American Airlines (2011-2) in its $725 million offering of EETCs secured by 43 Boeing aircraft.
    • American Airlines (2011-1) in its $657 million offering of EETCs secured by 30 Boeing aircraft.
    • Delta Air Lines (2011-1) in its $395 million offering of EETCs secured by 26 Boeing aircraft.
    • Delta Air Lines (2010-2) in its $608 million offering of EETCs secured by 28 Airbus, Boeing and McDonnell Douglas aircraft.
    • Delta Air Lines (2010-1) in its $550 million offering of EETCs secured by 24 Boeing aircraft.
    • Delta Air Lines (2009-1) in its $689 million offering of EETCs secured by 27 aircraft, part of a series of financing transactions for which Delta won Airfinance Journal’s “2009 North American Deal of the Year” award.
    • American Airlines (2009-1) in its $520 million offering of EETCs secured by 20 Boeing aircraft.
    • Delta Air Lines (2007-1) in its $1.4 billion offering of EETCs secured by 46 aircraft, Delta’s first large capital markets financing after its exit from its Chapter 11 restructuring.

  • Mergers And Acquisitions

    • A UK private equity sponsor in a single asset continuation fund to house an existing stake in a leasing business.
    • Spirit Airlines in its sale, later terminated, to JetBlue for $3.8 billion.
    • Spirit Airlines in its merger, later terminated, with Frontier Group Holdings, parent company of Frontier Airlines, in a transaction valued at $6.6 billion.
    • Pacific Life in its sale of Aviation Capital Group to Tokyo Century Corporation.
    • Toyota Motor Corporation in its $394 million investment in Joby Aviation, an aerospace company that is developing and commercializing all-electric vertical takeoff and landing aircraft to enable the deployment of fast, quiet and affordable air taxi services.
    • Pacific Life and Aviation Capital Group in the minority investment by Tokyo Century in Aviation Capital Group, a transaction which won the Airline Economics Aviation 100 “2017 Overall Equity Deal of the Year” award.
    • Clayton, Dubilier & Rice in its acquisition of up to a 49% stake in NYSE-listed CHC Group, the world's largest commercial helicopter operator with an enterprise value of $1.9 billion.
    • Irkut Corporation in the establishment of a joint venture with a major international aviation manufacturer, including work on the development of a joint venture agreement, shareholders agreement and licensing agreements.
    • American International Group in its $7.6 billion sale of International Lease Finance Corporation to NYSE-listed AerCap Holdings N.V., a transaction awarded the Airfinance Journal “2014 Overall Deal of the Year” award.
    • Ontario Teachers’ Pension Plan in the formation of a joint venture with Aircastle to invest in leased aircraft.
    • American International Group in the proposed sale of up to 90% interest in International Lease Finance Corporation to a consortium of Chinese investors in a transaction with an implied enterprise value of $27 billion. (Terminated)
    • American Airlines in its agreements with Bombardier and Embraer to purchase, in aggregate, 90 new 76-seat regional jets with options to purchase up to 130 more.
    • Carlyle in its $600 million joint venture with RPK Capital Management, a U.S.-based aircraft lessor.
    • Air France-KLM in its €322 million acquisition of a 25% interest in Alitalia.
    • Sukhoi Civil Aircraft Company in its joint venture with Alenia Aeronatica (a division of Finmeccanica) for the manufacture of the Sukhoi Superjet 100.
    • Sukhoi Civil Aircraft Company in connection with structuring and negotiating contracts for international sales and maintenance of the Sukhoi Superjet 100 aircraft.
    • International Lease Finance Corporation in its $228 million acquisition of AeroTurbine from AerCap.
    • Ontario Teachers’ Pension Plan in its acquisition of a minority stake in aircraft lessor Aircastle Limited.
    • EDO Corporation, a manufacturer of diverse aerospace and defense products, in its $1.7 billion acquisition by ITT Corporation.
    • AMR in the restructuring of its operations that led to the split-off of the SABRE Group from American Airlines, and subsequent IPO of SABRE.
    • Private equity investors and related LBO funds in the purchase of the Allison Gas Turbine division of General Motors and the subsequent sale of Allison Engine Company to Rolls-Royce.

  • Restructurings And Workouts

    • Philippine Airlines in its filing for chapter 11 protection in New York to implement a comprehensive restructuring, which is supported by substantially all of its lenders, lessors, and aircraft and engine suppliers, as well as its majority shareholder, that will allow the company to successfully reorganize its finances and fleet to navigate the COVID-19 crisis and emerge as a leaner and better-capitalized airline. The transaction received the Restructuring Community Impact and the Restructuring Deal of the Year (Over $5B) awards by The M&A Advisor at its 16th Annual Turnaround Awards, as well as AirFinance Journal’s Asia-Pacific Deal of the Year and Airline Economics’ Asia Pacific Restructuring Deal of the Year.
    • American Airlines and AMR, as special aircraft counsel, in their successful Chapter 11 proceedings involving the restructuring of complex financing arrangements relating to more than 400 aircraft, generating savings in excess of $1.8 billion and to the raising of more than $9 billion of new financing through various capital markets, syndicated lending and other financing transactions. This restructuring was honored by Turnarounds & Workouts as one of a dozen Successful Restructurings – 2013.
    • American Airlines in its restructuring during its Chapter 11 proceeding of mortgage financings of 216 Embraer regional jet aircraft with the Brazilian export credit agency, Banco Nacional de Desenvolvimento Econômico e Social–BNDES, and Embraer.
    • Delta Air Lines and Comair, as special aircraft counsel, in their successful Chapter 11 proceedings involving the refinancing of more than 275 aircraft via new debt or lease arrangements, the return or other disposition of more than 140 aircraft, the elimination of four aircraft types from Delta’s fleet and the litigation of substantial aircraft financing claims.
    • Delta Air Lines in its 2004 out-of-court restructuring of a large portion of its aircraft fleet financings.
    • American Airlines in its 2003 out-of-court restructuring in which it reached agreements with more than 100 aircraft lessors, lenders, and other creditors on cost reductions exceeding $175 million a year and $1 billion over time.
    • Crossair in a fleet acquisition/financing program in its conversion from a regional European carrier to SWISSinvolving negotiating leases to SWISS of 54 aircraft formerly operated by Swissair.
    • Aeroflot in the restructuring of its fleet of 27 Western-produced passenger aircraft and in the expansion of its long-haul fleet, for which Aeroflot won Airfinance Journal's “2002 Editor’s Deal of the Year” award.
    • VTB Leasing in the financing of eight A319 aircraft for STC Russia, featuring acquisition of the aircraft from a U.S. airline under Chapter 11 protection at the time, modification of the aircraft under the FAA registration after title transfer, and subsequent refinancing of two aircraft by a major international aircraft financier.
    • American Airlines in the 2001 complete restructuring of TWA’s aircraft fleet as part of American’s acquisition of assets from TWA. The restructured transactions included EETCs, operating leases, leveraged leases, two-tiered leases and engine leases and involved approximately 180 aircraft with a value of $3-$4 billion, more than 20 different lessors and dozens of lenders, trustees and other parties.

  • Fleet Transactions

    • American Airlines in leases of a number of vintage Embraer regional jet aircraft to ExpressJet Airlines, Inc. in connection with regional aircraft flight services pursuant to a capacity purchase agreement.
    • American Airlines in leases of a number of vintage Embraer regional jet aircraft to Trans States Airlines, LLC in connection with regional aircraft flight services pursuant to a capacity purchase agreement.
    • American Airlines in leases of 20 new E175 aircraft to Compass Airlines and related arrangements with the manufacturers in connection with regional aircraft flight services pursuant to a capacity purchase agreement.
    • Aeroflot in the purchase of 16 Boeing 777, 22 Boeing 787, 22 Airbus A350-XWB, 11 Airbus A330, 30 Sukhoi Superjet 100 and more than 20 Airbus A321 aircraft.
    • American Airlines in its agreements with Bombardier to purchase 30 CRJ900 regional jets with options to purchase up to 40 more.
    • A large Russian leasing company in the acquisition and lease of 40 Sukhoi Superjet 100 aircraft.
    • Irkut Corporation in its $3 billion sale to Crecom Burj Berhad, a Malaysian leasing company, of 50 MC-21 aircraft.
    • Hawaiian Airlines in its order for 12 Boeing 787 Dreamliner aircraft.

  • Airport Infrastructure Development And Financing

    • American Airlines in the development and financing of its current airline terminal (Terminal 8) at JFK International Airport, including related lease and business arrangements with the Port Authority and the issuance by the New York City Industrial Development Authority of approximately $1.3 billion special facility bonds (in two separate bond issues at different times during the course of construction), including the second largest airport special facility municipal bond issue ever to be completed, after the JFK Terminal 4 project financing noted above.
    • The Schiphol-controlled project company in the financing, construction and operation of the $2+ billion Terminal 4 at JFK International Airport, including the issuance of two series of tax-exempt bonds, recent expansion projects, and an anchor-tenant agreement with Delta.
    • A short-listed bidding group in the competitive bidding process for the concession to design, build, finance, operate and maintain the new Central Terminal Building at LaGuardia Airport in New York City.
    • JetBlue Airways in the financing of its training facility and hangars in Orlando through special project bonds.
    • JetBlue Airways in the financing of its terminal facilities in Orlando.
    • The bidding consortium led by Aeroports de Paris and Morgan Stanley in the initial, and later terminated, competitive bidding process for the privatization of Chicago’s Midway Airport under the FAA airport privatization pilot program. (Terminated)
    • Aeroflot and its subsidiary Terminal in all aspects of the development, design, construction and financing of a new terminal at Moscow’s Sheremetyevo airport and advice on a high-speed rail project to connect the airport terminals with Moscow city center.
    • One of the bidding groups in the privatization of Stewart International Airport, the first airport privatization in the U.S., structured as a lease from the Port Authority. (Terminated)

  • Litigation

    • American Airlines in litigation arising out of the September 11, 2001 terrorist attacks, resulting in a trial victory establishing that World Trade Center Properties could not recover from American any of the nearly $5 billion it was seeking beyond already received insurance recoveries. Previous related wins have included dismissals of environmental litigation arising out of the attacks and multiple successful partial summary judgment and Daubert motions.
    • American Airlines and Delta Air Lines in the litigation related to their respective Chapter 11 proceedings, including tax indemnity claims litigation, and in American’s Chapter 11 proceeding, successful cases in the Bankruptcy Court and United States Court of Appeals for the Second Circuit vindicating American’s right to prepay certain existing financings without a make-whole premium.