TrueNoord has closed a new revolving warehouse finance facility of US$400 million which will be seeded with 17 aircraft already owned by TrueNoord and which can be extended further by an accordion feature. The facility will be used by the specialist regional aircraft lessor to finance business development and expand its portfolio of 50-150-seat aircraft which includes jets and turboprops from Embraer, ATR, Airbus, MHI-RJ and De Havilland Canada.
The new facility is provided by Citibank, Société Générale Corporate & Investment Banking, Royal Bank of Canada, and NordLB. It will be used to fund new acquisitions and supports TrueNoord’s targeted growth strategy which is endorsed by cornerstone investors: Freshstream, BlackRock, Aberdeen and others. Legal advisers Clifford Chance acted on behalf of TrueNoord, Milbank represented the banks, and Flynn O’Driscoll acted as Irish counsel.
“This new revolving warehouse facility will finance TrueNoord’s regional aircraft acquisitions going forward. It will give us the funding to react quickly on market opportunities and build up a portfolio of new and used aircraft on a flexible basis for our customers” comments Anne-Bart Tieleman, CEO. “These four banks further augment the strong group of financiers and investors that are supporting TrueNoord’s dynamic growth trajectory.”