TrueNoord, the specialist regional aircraft lessor, has closed a senior secured debt facility of US$ 500 million. The facility will be deployed to refinance part of the existing TrueNoord portfolio of Embraer, Bombardier and ATR aircraft. The remaining part of the debt facility will be used as a warehouse for future business development and fleet expansion.
The senior secured debt facility is underwritten by a triumvirate of well-established European and US banks – Morgan Stanley, NORD/LB Norddeutsche Landesbank and Barclays – and it supports TrueNoord’s targeted growth strategy which is endorsed by leading investors: Bregal/Freshstream, BlackRock and Aberdeen Asset Management. Milbank, Tweed, Hadley & McCloy LLP acted as legal advisor to TrueNoord.
“As mandated lead arrangers, these three banks further augment the strong and globally renowned circle of financiers and investors that facilitate TrueNoord’s dynamic progression in the coming months” comments Anne-Bart Tieleman, CEO. “For TrueNoord this is the next important step in our business development and allows us to be more proactive in pursuing regional aircraft leasing transactions. At this week’s Farnborough Air Show I anticipate some highly productive discussions as we pursue our guiding policy to acquire new or relatively young aircraft with long leases operated by triple ‘A’ carriers.”
