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Deal news in brief
19 October 2008
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Genesis Lease
Aircastle
Alliance & Leicester
Cathay Pacific
Air Tran
- Genesis Lease has signed a $241 million debt facility to refinance 11 aircraft. HSH Nordbank, KfW Ipex-Bank and DVB Bank provided the seven-year facility.
The aircraft were initially financed through Genesis Lease's $1 billion revolving credit facility. The new facility will be used to refinance outstanding borrowings under the revolving credit facility. John McMahon, the firm's chief executive officer, says: "Although we did not need to finance these aircraft at this time, we thought it would be prudent to do so on a long-term basis. It has the effect of bringing the facility back to $1 billion. The banks are solid, experienced players who are financing good-quality assets on a solid platform."
Freshfields advised Genesis Lease and Norton Rose advised the lenders.
UK bank Alliance & Leicester...
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