Published on October 10th, 2021 | by Alan Dwyer0
Aergo Finances A330s for Iberia
Aergo Capital has recently completed the sale and leaseback of two widebody aircraft with Iberia. Aergo has now successfully closed the financing of these two Airbus A330-200 aircraft, EC-NRF (c/n 1864) and EC-NRG (c/n 1882). Both aircraft were built in 2018 and flew initially for Level until they were withdrawn from service due to the pandemic. They have recently been stored in Madrid and will now operate for Iberia. Airbus Bank GmbH provided the financing for one of the aircraft, which was arranged through Investec Bank plc and financing of the other aircraft was arranged by Ashland Place Finance LLC, a commercial aviation financing platform. Both aircraft are subject to long-term leases with Iberia. Smith, Gambrell & Russell (SGR) acted as lead counsel to Aergo, Clifford Chance acted as lead counsel to Investec and Allen & Overy LLP acted as lead counsel to Ashland Place. KPMG advised Aergo on tax matters.
Commenting on the deal, CEO of Aergo, Fred Browne said, “We are very happy to close the first financings with both financiers. The closing of these transactions demonstrates our ability to expand our profile of debt partners and we are very much looking forward to further developing our relationship with each party.”
Also commenting was Head of Aerospace Airbus Bank, Tom Dreckmann who added “We are delighted to welcome Aergo as a new customer to our diversified lending portfolio to airlines and operating lessors. This transaction further demonstrates the bank’s continued support of the industry throughout this crisis and we are looking forward to a close relationship with Aergo.”
And Jennifer Villa Tennity, Executive Director and Group Head of Ashland Place added “We are delighted to have the inaugural transaction on the Ashland Place platform with a valued partner such as Aergo. We are looking forward to supporting Aergo on many more acquisition opportunities.”