Hat trick of deals mark significant June for Nordic Aviation Capital

The month of June proved to be a landmark one for lessor Nordic Aviation Services which sees its regional aircraft portfolio bolstered to nearly 300 aircraft. Firstly, the Denmark based company, which has offices in Ireland (Limerick), UK, Canada and Singapore, significantly bolstered its position as a global leader in the sector with the closure of a US$230 million loan. The five-year loan, not dependent on asset security, was arranged with institutional investment funds and managed by three US investors: Highbridge Principal Strategies, LLC; Athene Asset Management LLC and Oak Hill Advisors (Europe), LLP. Highbridge Principal Strategies, LLC led the transaction and NAC was advised by Clifford Chance. Knight Capital acted as exclusive placement agent for the financing.

Then at the Paris AirShow on 17th June, NAC Chairman Martin Møller signed a record 90-aircraft contract with ATR CEO Filippo Bagnato, which will see NAC’s ATR portfolio boosted to 150 aircraft by 2016. The deal includes 35 firm orders (30 ATR72-600s and five ATR42-600s) – a contract worth a total US$2.1 billion. Delivery of the first two firm ATR72-600s will take place in October this year.

A day later, also at the Show, NAC agreed terms with the management of Copenhagen-based air charter company Jet Time for a long-term lease contract on six ATR72-600s. The first two firm aircraft, which will come from NAC’s newest order, will start on an ACMI wet-lease with Scandinavian Airlines (SAS) this autumn.

“This is a very exciting period for Nordic Aviation Capital and our committed workforce of 90 people has worked extremely hard to take us to the strong position we are in today,” said Martin Møller, NAC. “We are experiencing a huge resurgence of interest from operators – especially in Asia, North and South America – embracing new technology turboprop aircraft and our latest order with ATR reflects the confidence we have in this fine aircraft.”