Nordic Aviation Capital (NAC) is pleased to confirm that it has successfully closed a US$350 million Unsecured Syndicated Revolving Credit Facility (RCF). The initial credit facility was arranged by Citi | Global Transportation Banking and was supported by BNP Paribas, Crédit Agricole, and Deutsche Bank.
The RCF has a 3-year term, and the proceeds will be used to refinance aircraft as well as support future acquisitions. The RCF will rank pari passu with all other unsecured indebtedness of the Borrower, a wholly-owned subsidiary of NAC. The RCF, which is intended to be further upsized through an accordion feature, is one of the cornerstones of the NAC unsecured funding strategy.
This is another landmark transaction for the 26-year-old company and a significant step in migrating to unsecured financing. “We are very pleased with this new facility. It is a further testament by our core relationship banks to the continued support of NAC’s strategy, says CEO Søren M. Overgaard.”
“There is no doubt that the new RCF will provide NAC with additional operational flexibility, and further enhance our already strong ability to act swiftly within our market space, adds Steve Gorman, Managing Director and Head of Global Treasury.”
Clifford Chance LLP acted as NAC’s legal counsel while Cahill Gordon & Reindel LLP acted as the Initial Lenders counsel.