SES Concludes US$875 Million Engine Portfolio Financing

Editor -

On November 20th 2023, Shannon Engine Support Limited(“SES”)  concluded a 9-year US$875mm secured engine portfolio financing in a club-deal involving eight banks.  The engine portfolio consists of  the latest technology LEAP-1A and LEAP-1B engines, designed to meet the challenge of decarbonizing air transport.

Julie Dickerson, CEO of SES, said “This landmark transaction marks a significant milestone for SES, with the completion of the largest engine financing deal in the market. It reaffirms the attractiveness of LEAP engines and further demonstrates the markets’ confidence in SES”.

Michael Moore, CFO of SES added “We are delighted to expand our partnership with our lenders in our first secured financing deal. We thank them for the confidence that they have placed in us.” 

CA-CIB acted as Global Coordinator, Security Trustee, Facility Agent.

Natixis CIB and CA-CIB acted as Bookrunners and Mandated Lead Arrangers.

BNP Paribas, CIC, NatWest, Societe Generale, and SMBC acted as Mandated Lead Arrangers.

Bank of America acted as Lead Arranger.

Clifford Chance US and Mason Hayes & Curran acted as legal advisers to SES.  Norton Rose Fulbright US and McCann Fitzgerald acted as legal advisers to the lenders. 

SES is a 50 / 50 joint venture between AerCap and Safran and is a CFM Specialist Lessor