Phoenix Aviation Capital Expands Credit Facility to $550M
Phoenix Aviation Capital Enhances Financial Strength
Phoenix Aviation Capital, a prominent full-service aircraft lessor, has made a significant announcement regarding its financial strategies. Together with its management partner, AIP Capital, the company has successfully increased its senior secured credit facility by $250 million, raising the total commitments to an impressive $550 million.
Strategic Partnerships with Financial Institutions
Several leading banks have participated in this enhanced facility, including HSBC, Truist, Fifth Third Bank, Crédit Agricole, BNP Paribas, and Bayern LB. This robust lender group reflects significant confidence in Phoenix's business model and its operational strategies. Royal Bank of Canada has served as the Structuring Agent for the facility while Citibank and Morgan Stanley played vital roles as Joint Lead Arrangers.
Proven Growth Strategy
Since the beginning of the year, Phoenix Aviation Capital has managed to raise over $2 billion in bank and institutional capital. This capital will significantly bolster the company’s growth strategy as it continues to expand its operations. Jared Ailstock, Managing Partner at AIP, stated, "This expanded participation in the facility represents further confidence in the business among Phoenix's lender group, and we are thankful for their unwavering support."
Continuing to Build Market Trust
Patrick Schafer, Partner at BC Partners and board member of Phoenix, echoed this sentiment by emphasizing the support received from new lenders. He remarked, "The facility will provide Phoenix with additional capacity and flexibility to support the Company's global airline customers." This sentiment underlines the increasing trust and reliance on Phoenix's operational framework within the aviation finance market.
Legal and Advisory Support
In addition to securing funding, Phoenix Aviation Capital has also engaged several legal and advisory firms to support its various transactions. Vedder Price provided counsel regarding the transaction, PwC was involved as tax advisors, and McCann Fitzgerald served as the Irish counsel. Clifford Chance provided legal services to the lenders, ensuring that the process was navigated smoothly.
About AIP Capital
AIP Capital is recognized globally as a leading alternative investment manager, with a focus primarily on asset-based finance opportunities, particularly in aviation and equipment financing. With around $4 billion of assets under management, the AIP team comprises over 50 experienced professionals across multiple global offices, including those in Stamford, New York City, Dublin, and Singapore.
About BC Partners
BC Partners is a prominent international investment firm that specializes in private equity, private debt, and real estate strategies. Established in February 2017, BC Partners Credit aims to identify attractive credit opportunities in varying market conditions and provides flexible financing solutions to middle-market companies across diverse sectors, including Business Services and Healthcare.
Frequently Asked Questions
1. What is the total amount of the credit facility announced?
The credit facility has been increased to a total of $550 million.
2. Who are the main participants in the upsize of the credit facility?
Key participants include HSBC, Truist, and BNP Paribas among others.
3. Who acted as the Structuring Agent for the facility?
The Royal Bank of Canada served as the Structuring Agent in this arrangement.
4. How much capital has Phoenix raised since the start of the year?
Phoenix has raised over $2 billion in bank and institutional capital since early this year.
5. What sectors does BC Partners focus on?
BC Partners focuses on private equity, private debt, and real estate strategies, among other sectors.
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