Turning Rock and AerFin Complete Financing Backed by Three A220s

Turning Rock Partners has completed an asset-backed financing with AerFin covering three Airbus A220 aircraft, marking the second aviation financing transaction between the companies.

The aircraft will initially remain in service before being transitioned into AerFin’s aftermarket program. Under the planned asset strategy, the engines will be placed on long-term leases while the airframes will be dismantled for used serviceable material.

AerFin will oversee the aircraft teardowns, maintenance and subsequent distribution of components through its global aftermarket platform. The company has been developing a supply of used A220 material as the installed fleet grows and operators seek additional sources of replacement components.

The transaction builds on an existing financing relationship between New York-based Turning Rock and AerFin, combining asset-backed capital with AerFin’s aircraft and engine management capabilities.

Investec Aviation Finance provided debt financing for the transaction.

Holland & Knight, Matheson and Stream Avocats & Solicitors Paris provided legal counsel, while Shannon Technical Services performed collateral assessment and technical and physical inspections.