On Thursday 27 September, Asset Brok’Air closed a JOLCO on a newly delivered A320 neo (msn 8404, registration mark SE-RON) operated by Scandinavian Airlines System. This aircraft was mandated to Asset Brok’Air under the request for proposal issued by the SAS Group on 21 February 2018 for the financing of a batch of 10xA320 neo aircraft.
This JOLCO is the inaugural JOLCO transaction closed with SAS Group’s in-house asset management platform, Gorm Asset Management Ltd. Although the aircraft is currently Swedish-registered, the JOLCO package has been structured so as to provide SAS with the flexibility to transition the aircraft to any of the SAS Group’s operating platforms, including Scandinavian Airlines Ireland Ltd in a seamless manner.
Asset Brok’Air sees the JOLCO as an optimal funding tool for airlines and is proud to support SAS in financing the renewal of their medium haul fleet.
Crédit Industriel et Commercial is acting as security trustee, facility agent and lender. Banque Postale and Banque Palatine are lenders.
Watson Farley (Paris), Walkers (Dublin) and Mannheimer Swartling (Stockholm) advised the Lenders; Norton Rose (London) and McCann Fitzgerald (Dublin) advised SAS and Gorm; K&L Gates (Tokyo) advised the Lessor.
SAS Group has mandated Asset Brok’Air for an additional 3xA320 neos which will be funded in the coming months with a wider banking group.
Previously this year, Asset Brok’Air has closed JOLCO over 3xB737-800s (msn 35706, 35707 and 35708) operated by the Scandinavian Airlines System, on top of the 10xB737 JOLCO arranged for the SAS Group since 2016. 2 Aircraft were funded in June, one aircraft (msn 35708) was funded in July.