DECEMBER 18TH, 2015
ASL Aviation Group Completes New Funding Agreement
Dublin, Ireland, 18th December 2015: ASL Aviation Group has completed a new US$110 million funding agreement aimed at assisting the Group’s ongoing growth and expansion plans.
The funding facility has been agreed with a two-bank club deal who are providing a bespoke asset finance facility. BNP Paribas coordinated the transaction and through its Paris & Brussels offices is providing US$60 million. The Birmingham, U.K. office of Lloyds Bank Commercial Banking is providing US$50m.
The facility builds on the strong existing relationship ASL Aviation Group has with both institutions and further enhances ASL’s ability to remain at the forefront of its business.
ASL Group Chief Financial Officer Mark O’Kelly said the new agreement is a “welcome development that underlines ASL’s reputation as market leader in our sector”.
“Initially the funding will assist our Platform for Growth strategy and we look forward to building on this and on the already excellent relationships we have with both banks as the Group continues to consolidate and grow”, said Mr. O’Kelly
Guy Haesevoets, Client Director at BNP Paribas Fortis, said: “BNP Paribas has been supporting ASL Aviation for many years in the funding of their growth strategy with the financing of acquisitions in France and Switzerland. This aircraft finance deal that was structured and coordinated by BNPP’s Aviation Finance Team, will provide ASL with additional means to further develop its business worldwide.”
Mark Lewis, relationship director at Lloyds Bank Commercial Banking, said: “ASL Aviation Group has a reputation for providing high quality service.”
“We worked closely with our Commercial Finance colleagues to provide a corporate asset finance facility that allows the ASL Group to quickly access working capital to take advantage of emerging growth opportunities,” he said.
ASL Aviation Group is a leading global aviation services provider with activities centred on three core business areas; passenger and cargo Air transport, aviation Support services and aircraft leasing.