Jackson Square Aviation (“JSA”) is pleased to announce that it has closed a $265 million secured credit facility, which provides the company with committed long-term debt capacity. JSA is one of the world’s most active commercial aircraft lessors, and this facility provides the company with a vital financing source to acquire modern, fuel-efficient aircraft for lease to its airline customers.
The facility provides JSA with the ability to finance eight aircraft currently owned or in its committed pipeline for delivery through 2012.
The facility is structured and arranged by Crédit Agricole (the “Arranger”) and fully underwritten by the Arranger and Siemens Financial. This transaction brings JSA’s total committed credit facility capacity to approximately $900 million. “We are excited to complete another major financing, which locks down funding for eight more narrowbody aircraft,” said Scott Weiss, JSA’s Chief Operating Officer and EVP, Capital Markets. “As we continue to grow our portfolio, the support of great partners such as Credit Agricole and Siemens is instrumental to our success.”
This is the third transaction that JSA has closed with Crédit Agricole. The financial institution was a Joint Arranger and Underwriter of JSA’s $400 million credit facility in 2010, and the bank also financed a Boeing 737-800 on lease to GOL Linhas Aéreas Inteligentes on a long-term basis. “We are pleased to provide JSA an innovative funding solution at competitive pricing. This transaction represents the continuation of the strong relationship between JSA and Crédit Agricole,” said Jose Abramovici of Crédit Agricole.
This is the second transaction that JSA has in place with Siemens Financial. Siemens was a participant in the long-term financing of one Boeing 777-300ER on lease to Emirates Airlines. “We are pleased to support JSA’s growth by providing financing for this transaction,” said Andrew Carman, Head of the Americas for the Project, Structured Finance Infrastructure, Cities & Industry team for Siemens Financial Services. “We look forward to expanding our structured transportation efforts globally while working with experienced parties such as Jackson Square and Crédit Agricole in the future financing of aircraft.”
The Financial Services unit of Siemens (SFS) is an international provider of business-to-business financial solutions. SFS helps facilitate investments, providing commercial finance, project and structured finance and leveraged finance solutions with specific asset expertise in the Energy, Healthcare, Industry, and Infrastructure & Cities markets. Employing more than 2,500 employees worldwide, SFS supports Siemens as well as other companies with their capital needs and acts as an expert manager of financial risks within the Siemens Group. As of September 30, 2011, the total assets amounted to EUR 14.6 billion.
Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group. With almost 13,000 employees in more than 50 countries, Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking and international private banking. The Corporate and Investment Bank is structured around four major divisions: Coverage & Investment Banking, Equity Brokerage & Derivatives, Fixed Income Markets and Structured Finance.
Jackson Square Aviation is a full-service aircraft leasing company based in San Francisco with offices in Seattle, London, Miami, Toulouse, and Singapore. The management team, which had previously worked together at Pegasus Aviation Finance Company, has over 100 years of combined industry experience. JSA’s current fleet (owned and committed) includes nearly 70 aircraft valued in excess of $4 billion, originated via sale/leasebacks with many of the world’s leading airlines. Led by the experienced aircraft leasing trio of Richard Wiley, Toby Bright and Scott Weiss, the team has collectively acquired over $11 billion of aircraft, has purchased and/or remarketed over 400 aircraft, and has established relationships with over 30 commercial lenders and investment banks throughout Europe, Asia and North America. JSA’s primary shareholder is Oaktree Capital Management, L.P., a Los Angeles based $80+ billion institutional money manager.
Jackson Square Aviation, LLC
Siemens Financial Services