DUBLIN, Ireland, August 15, 2022 (GLOBE NEWSWIRE) — Griffin Global Asset Management DAC and Griffin Global Asset Management (Servicer) LLC (collectively, “Gripping”) announced today that on August 12, 2022 Palisade Aviation Holdings Warehouse, Ltd. and Palisade Aviation Holdings Warehouse, LLC (collectively, the “borrower‘), signed a modification, expansion and replenishment transaction for its priority secured storage facility, which now has a committed amount of $1,500,000,000 (the ‘furnishings“). The initial facility had a capacity of US$1,000,000,000 and won the Airline Economics Global Editor’s Deal of the Year Award for 2021. Among other innovative features, the facility offers borrowers maximum flexibility to offer their airline partners a variety of financing solutions, ranging from operating leases, to finance leases, to originating loans across a wide range of asset types and ages. The facility is also unique in that it offers more flexibility in airline concentrations than a traditional warehousing facility, giving the joint venture a powerful tool to bridge long-term capital market solutions. The Facility as amended has a term of 54 months.
The borrowers were co-founded by Griffin and funds managed by Bain Capital Credit, LP as part of a joint venture focused on building a diversified aviation portfolio coupled with a premier commercial aviation leasing and alternative asset management platform.
“We are incredibly grateful for the continued support of our existing lending group and the partnership of our new lenders as the Griffin platform continues to expand. The increase and expansion of the warehouse will provide us with additional capacity and flexibility to provide tailored capital solutions to our airline customers in this dynamic market,” said John Beekman, Griffin’s Chief Financial Officer.
Goldman Sachs acted as structuring agent for the facility. As part of the modification, expansion and top-up transaction, commitments to the facility were received from Goldman Sachs, Bank of America, NA, Barclays Bank PLC, Mizuho Americas, Morgan Stanley, PNC Bank, Wells Fargo Bank, National Association, Societe Generale and Deutsche Bank AG, New York Branch.
Hughes Hubbard & Reed LLP acted as US Counsel to Griffin and the Borrowers, Milbank LLP acted as Counsel to the lenders, Maples and Calder (Ireland) LLP acted as Irish Counsel to the borrowers, Maples and Calder (Cayman) LLP acted as Counsel in the Cayman Islands for the Borrowers, A&L Goodbody LLP acted as Irish Legal Adviser to Griffin and PWC acted as Irish Tax Adviser to Griffin and the Borrowers. UMB Bank, NA acts as administrative agent and security trustee.
About Griffin Global Asset Management
Griffin is a commercial aircraft leasing and alternative asset management company with offices in Dublin, Ireland, Puerto Rico and Los Angeles, USA. Griffin’s team of aviation professionals work closely with airlines, OEMs and financiers to provide tailored fleet solutions and innovative financing products to airlines worldwide.
For more information visit www.griffingam.ie or www.griffingam.com.
About Bain Capital Credit
Bain Capital Credit, LP (“Bain Capital Loan”) (www.baincapitalcredit.com) is a leading global credit specialist with approximately $57 billion in assets under management as of December 31, 2021. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high yield bonds, distressed debt, personal loans, structured products, distressed loans and equities. Its team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital Credit invests in multiple asset classes including private equity, public equity, venture capital and real estate, leveraging the firm’s shared platform to capture opportunities in strategic focus areas.