London-based aviation finance specialist and aircraft manager Magi Aviation Capital (Magi) has arranged the sale and leaseback of two B777-300ER with Qatar Airways. Following these latest deals Magi has now arranged a total of seven sale and leasebacks of the type for Qatar Airways.
Korean institutional investors arranged by KTB Investment & Securities provided the equity and mezzanine funding. Senior debt was arranged by Australia and New Zealand Banking Group Ltd (ANZ) and provided by ANZ, IBJ Leasing and NEC Capital. ANZ also acts as Facility and Security Agent.
Magi will act as servicer and lease administrator for the aircraft, bringing to seven the total number of aircraft managed in its all-widebody fleet with an asset value in excess of USD1.2bn.
English legal counsel for Magi was Vedder Price (London); Korean counsel was Yulchon (Seoul). Cayman Islands counsel was Walkers. Clifford Chance (Singapore) acted on behalf of the senior lenders.
Sean Cleghorn, Partner at Magi said: “This transaction represented a great opportunity for us to continue our excellent track record in Korea, whilst growing our strong relationship with one of the world’s leading airlines, Qatar Airways. We are also delighted that our continued partnership with the highly professional and innovative team at ANZ has contributed to an important transaction for all parties”