- Overall Deal of the Year – Korean Air first AFIC transactions
- Export Credit Deal of the Year – LOT Polish Airlines UK Export Finance-supported financing of two Boeing 787s
- Tax Lease Deal of the Year – Türk Hava Yollari A.O. B777-Freighters AFIC/French Lease financings
Global law firm Norton Rose Fulbright has advised on three transactions awarded Deal of the Year at the annual Airfinance Journal Awards, held on May 15, 2018.
Airfinance Journal is a leading publication covering the global aircraft finance market and the awards celebrate best in class aviation finance deals.
The winning transactions included:
The Overall Deal of the Year – Korean Air first AFIC transactions
Norton Rose Fulbright advised SMBC and DBJ (and SMBC Europe Limited as Security Trustee) on the first AFIC insured aircraft finance transaction for a new aircraft delivery, the first of a pair of new Boeing 787 Dreamliner aircraft being delivered to Korean Air. The AFIC structure is a new structure and has been developed by the insurer, Marsh, in cooperation with Boeing and seeks to make use of billions of dollars of risk capital in the insurance market. The Norton Rose Fulbright team was led by global head of aviation Duncan Batchelor and included in London senior associate Maria Urtseva and associate Conor Newman and in New York, partner Sean Corrigan and senior associate Kelli Sallemi. Partner Bob Haken (London) advised on insurance matters and partner Greg Moore (Houston) advised on US enforceability and insurance matters.
Export Credit Deal of the Year – LOT Polish Airlines UK Export Finance-supported financing of two Boeing 787s
Norton Rose Fulbright advised LOT Polish Airlines on this ‘first of’ transaction - the Boeing aircraft being the first Dreamliner to be subject to a UK Export Finance guaranteed financing. The transaction also followed a period when Export Credit Agency (ECA) finance on both sides of the Atlantic was on hold. Duncan Batchelor led the Norton Rose Fulbright team which included senior associate Will Alete (London) and partner Grzegorz Dyczkowski (Warsaw) and senior associate Krzysztof Gorzelak (Warsaw).
Tax Lease Deal of the Year – Türk Hava Yollari A.O. B777-Freighters AFIC/French Lease financings
Norton Rose Fulbright advised Crédit Agricole Corporate And Investment Bank (CACIB), ING and Crédit Agricole on the first AFIC-insured transaction combined with a French optimised lease. The team was led by partner George Paterson (Paris) with assistance from senior associate Sebastien Allain (Paris) and partner Sean Corrigan (New York). Partners Bob Haken (London) and Greg Moore (Houston) advised on the AFIC credit insurance policy while partners Matthew Hodkin (London) and Antoine Colonna (Paris) advised on tax matters.
Norton Rose Fulbright has a record of advising on some of the largest and most innovative aircraft transactions, including advising Emirates on a US$913 million Sukuk in 2015, marking a world first for utilising a UK Export Finance backed Sukuk for an aircraft financing which was then followed by a US$600m Sukuk issuance for the same client in 2018.
The firm’s global aviation group provides the all-round, specialist legal service needed by today’s aviation industry. In addition to aircraft transactions, the aviation group’s expertise covers joint ventures, competition issues, airport slot exchanges, aviation regulation and Brexit, disputes, passenger claims and liability issues such as cyber risk.
The group holds 10 ‘band 1’ rankings for aviation across leading directories Chambers and Legal 500.
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Louise Nelson, Senior PR Manager
Tel: +44 (0)20 7444 5086; Mob: +44 (0)7909 684 893
Notes for editors:
Norton Rose Fulbright
Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.
Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.
Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.
Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.