North America - United States • Transport
1

Aviation and air travel: finance

Clifford Chance

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Clifford Chance‘s team in New York ’marries technical excellence with commercial sensitivity’. The practice’s enviable client list comprises investment banks, arrangers, investors, governmental authorities, and finance and operating lessors. In addition to its Export Credit Agency finance specialism, the group is highly experienced in aviation-related debt and equity offerings, portfolio securitizations, and enhanced equipment trust certificate issuances. The firm additionally has a robust operating lessor practice, through which it acts for both established and newer operating leasing companies. With particular experience in financing and corporate transactions involving aircraft, rolling stock and vessels, Zarrar Sehgal heads the global asset finance group, as well as the global transport and logistics team. The practice also includes the ‘simply awesome’ aircraft leasing and financing expert Emily Wicker; Patrick O’Reilly, whose aircraft finance workload covers secured and unsecured lending, joint ventures, operating leases, and portfolio sales and acquisitions, along with M&A, securitization and restructuring; and renowned asset finance expert John Howitt. Other names to note are Benjamin Fisher, a specialist in aviation sector-related cross-border asset finance deals; and Olga Miller, whose aircraft finance experience encompasses pre-delivery payment facilities, new delivery and leaseback financings, business jet transactions, and spare parts and engine financings.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • ‘Hands-on global team and experts in every field, such as lease extensions, financing and hedging.’
  • ‘Approachable individuals with prompt responses.’
  • ‘Always goes above and beyond to support clients’ businesses.’
  • ‘The Clifford Chance aviation team is not only competent and consisting of experts in the field, but  it is skilled at identifying and translating sophisticated legal issues for commercial folks in a way that makes them understandable.’
  • ‘Clifford Chance marries technical excellence with commercial sensitivity. They are extremely reliable, always available, and have a deep bench of talent, ensuring appropriate staffing on a range of transactions.‘
  • ‘Clients feel fortified by the breadth of the expertise - it is a holistic offering with a truly collaborative, global partnership, which means advice is given by true subject specialists.’
  • ‘Emily Wicker is simply awesome. Always a pleasure to deal with and always available to provide excellent advice.’
  • ‘Emily Wicker - very client focused, and good at identifying issues and advising on creative solutions.’

Key clients

  • TrueNoord
  • VistaJet Group
  • Airborne Capital
  • BBAM Aircraft Leasing & Management
  • SKY Leasing
  • Perilune Aviation
  • CMB Financial Leasing
  • BNDES
  • AerCap

Work highlights

  • Advised TrueNoord on a five-year $275m term loan used to finance a portfolio of 31-owned regional jet and turboprop aircraft (on lease to 13 different airline customers in 11 countries).
  • Advised the underwriters on a $1.65bn acquisition facility for Macquarie AirFinance (MAF), which will be used by MAF to acquire a portfolio of 55 aircraft from ALAFCO.
  • Advised Airborne Capital Limited and Marathon Asset Management on the closing of their second aircraft securitization, MAST 2022-1, which placed $303.7m of rated notes (secured by a portfolio of 15 narrowbody aircraft).

Lawyers

Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
John Howitt
Hall of fameClifford Chance
John Howitt is a partner in the US Finance and Restructuring Group of Clifford Chance specializing in asset finance. In particular, he focuses on aircraft finance, including leveraged lease transactions, operating leases (domestic and cross-border), new and used aircraft purchases (including portfolio acquisitions), sales (including portfolio sales) and sale-leasebacks, securitizations, restructurings and manufacturer support arrangements. John also has considerable experience in bank and private placement credit transactions, including asset-based financings; domestic and Latin American debt restructurings; acquisition and recapitalization financings; project financings; domestic, Eurodollar, and Eurocurrency loans; loan and note swaps; sales and participations; letter of credit facilities; and commercial paper facilities.
Zarrar Sehgal
Hall of fameClifford Chance
Zarrar Sehgal is head of the Transport & Logistics Group and Co-Head of the US Asset Finance Practice. He concentrates his practice on a wide variety of international asset finance transactions, including acquisition financing, leveraged leasing, EETC transactions, secured lending, structured financing, export credit agency-supported financings and credit enhancements. He also has extensive experience representing underwriters and issuers in public offerings and private placement of securities, including portfolio securitizations and debt and equity offerings. Zarrar has particular expertise in financings involving aircraft and has worked on several of the most significant securitizations and financings in the market, including many transactions that have been awarded 'Deal of the Year' awards from industry publications.
Leading associates
Rising stars with regular involvement in their team's key work, and recognition from peers or clients as being ones to watch.
Leading lawyers
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Emily Wicker
Clifford Chance
Emily Wicker focuses on secured lending and leasing transactions with an emphasis on aircraft leasing and financing. Emily is experienced in all aspects of aircraft finance, leasing and related restructuring transactions, including pre-delivery payment facilities, aircraft and spare parts credit facilities, EETCs and similar structured finance transactions. Emily joined Clifford Chance from Debevoise where she advised American Airlines in its Chapter 11 reorganization and Delta Air Lines and American Airlines in numerous EETC offerings and other capital markets financings.

Practice head

The lawyer(s) leading their teams.

Zarrar Sehgal

Other key lawyers

Emily Wicker, Patrick O’Reilly, John Howitt, Benjamin Fisher, Olga Miller

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