Allen & Overy has advised Turkish Airlines on the USD 328 million enhanced equipment trust certificate (EETC) financing secured against three new Boeing 777-300ER aircraft. The Bookrunners were Citibank Global Markets, Goldman Sachs — both advised by Milbank — and Deutsche Bank and BNP Paribas, with BNP Paribas acting as Liquidity Facility Provider and Depositary.
London-based A&O Partner Paul Nelson explained the significance of the deal: “It’s an exciting time for the aviation financing market with innovative and ground-breaking deals happening in many jurisdictions. This is particularly interesting as it is the first EETC issued by a Turkish airline. Although we are seeing large pockets of bank liquidity and reduced commercial debt pricing, the capital markets remain an attractive source of large scale financing, whether in the EETC, the ABS or the ECA supported markets.”
Alongside Nelson were London-based Partner Tim Conduit, New York-based Partner John Hwang, and Istanbul-based Partner Gokhan Eraksoy, with support from Senior Associates Deanna Smith, Karen Lee, and Chris Mitchell, Senior Counsel Umut Gurgey, and Associates Derek Poon, Andrew Page, and Mirae Yang.
The Milbank team advising Citibank and Goldman Sachs included Partners Arnie Peinado, Brett Nadritch, Drew Fine, Helfried Schwarz, and Andrew Walker.
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