EXPERIENCE
Aircraft Leasing
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In his 25+ years in the industry, Philip has drafted and negotiated hundreds of aircraft operating lease transactions with airlines worldwide, from start-up airlines to flag carriers, and from new order aircraft to mid-life to older aircraft.
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Aircraft Trading
Philip has drafted and negotiated a multitude of aircraft purchase and sale transactions, from single aircraft to third party portfolio purchase and sales and ABS, on behalf of buyers and sellers, and including associated acquisition financing, and aircraft lease assignments and novations.
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New order aircraft transactions between 2008 through 2018 include the acquisition, lease, financing and delivery of 150+ new order aircraft: Airbus - 95+ Airbus A320-200’s and 6 A330’s; Boeing - 40+ Boeing 737-800’s, 6 787-800’s, plus 5 737-800MAX and 3 787-800’s via airline purchase / lease backs.
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ABS and portfolio trading highlights include:
Portfolio sale (March 2015-2016) (US$4.0B+) Sale of an 84-aircraft portfolio in 2015 and 2016 through a combination of asset and aircraft owning entity conveyances (AirFinance Journal Deal of the Year Award 2015)
Kestrel 2018-1 ABS (December 2018); US$319.8M series A / US$59.6M series B / 144A notes, plus E note sale; conveyance of 18 new to mid-life aircraft and associated leases.
Diamond Head Aviation 2015 Limited ABS (July 2015-2016) US$199M class A notes / US$61.5M class B notes, plus E note sale; conveyance of 29 late life aircraft and associated leases, with enhanced E-noteholder management rights.
Aircraft Financing
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Philip has negotiated and structured aircraft financing transactions with lenders and financiers worldwide, from bilateral limited recourse loans to capital markets structured financing, syndicated term loans and 144A secured offerings, warehouse credit facilities, secured and unsecured revolving credit facilities, asset backed securitizations, and manufacturer pre-delivery payment facilities backs. Financing highlights from 2010-2018 include:
US$530M / secured term loan / 30 aircraft refinancing facility;
US$600M / 144A Secured Bond / senior secured notes / 60+ aircraft, 11.5 years average age
US$500M Warehouse credit facility / bridge acquisition facility
US$220M Conduit credit facility / bridge facility
US$360M / secured term loan / refinancing facility
US$325M / secured term loan / acquisition facility for mid-life aircraft portfolio
US$350M / secured term loan / senior secured notes / acquisition facility
US$435M / revolving credit agreement / unsecured
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Repossession / restructuring activity
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Aircraft repossessions, restructurings and work-outs achieved with airlines based in India, China, Russia, Saudi Arabia, Mexico, Argentina, Peru, and Venezuela.
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M&A activity highlights
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Sale of Pegasus Aviation Finance Company to AWAS in 2007
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Aircraft portfolio sale (84 aircraft and aircraft owning entities) in 2015 / 2016
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Sale of AWAS to Dubai Aerospace Enterprise (DAE) Ltd. in 2017
including associated lease and financing due diligence exercises, and preparation of offering memoranda and supporting materials.