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Maples Group Advises Aergen on US$579.8 Million ABS

19 Dec 2017

Maples and Calder and MaplesFS assisted Dublin-based lessor AerGen in connection with its $579.8 million asset backed securitisation by Harbour Aircraft Investments Limited ("HAIL", the "Borrower"), which was completed on 15 November 2017.

The deal is backed by 30 in-production narrow body aircraft.  Proceeds from the HAIL 2017 issuance will effectively refinance Aergen's debut asset backed securitisation, which was launched in July 2016 to refinance 19 narrow body aircraft and on which Maples and Calder and MaplesFS also assisted. 

MaplesFS is the Managing Agent, Wells Fargo Bank, N.A. is the security trustee and DVB Bank SE, London Brach is the liquidity facility provider.  Maples and Calder provided Cayman Islands legal advice and support to the Borrower through its Cayman Islands office and also provided Irish legal advice to the Managing Agent through its Dublin office. 

In its role as Managing Agent, MaplesFS will provide cash management and calculation services, issue monthly reports to loan holders and investors and offer a complementary suite of company secretarial and corporate administration services to the Borrower group.  In addition, MaplesFS is engaged to provide directorship services to the board of the Borrower entity and to each of its subsidiary entities.

The Maples and Calder team in the Cayman Islands was led by Partner Tina Meigh and Associates Shari McField, Barnabas Finnigan and Jonathan Brown.  The Irish legal team was led by Partner Donna Ager with assistance from Associates Andrew Lawless and Alex Walsh.  The MaplesFS team in Dublin included Julian Dunphy, Paul Griffin, Jarlath Canning and Mark Gordon.

Partner Tina Meigh, commented: "Our continued work on ABS transactions such as this highlights the seamless multi-disciplinary and cross-jurisdictional expertise the Maples group provides for our clients.  We are delighted to have assisted Aergen once again and we look forward to continuing our work with them." 

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.