BAA Training has announced it will be getting financing for its global expansion provided by UK Export Finance (UKEF) and US Apple Bank for Savings. Two companies belonging to Avia Solutions Group (ASG) – BAA Training and ASG Asset Management – were involved in signing the agreements with the leading financial institutions. The €31 million (US$49.6 million) deal is one of the most significant agreements for the Lithuania-based company. It will facilitate the acquisition of 10 new simulators used for aviation training manufactured by L3Harris Technologies including two Boeing 737 MAX full flight simulators (FFSs) and eight fixed base training devices (FTD Level 2) – Airbus A320 and Boeing 737 family. The training simulators will be installed at BAA Training’s brand new facility in Barcelona – BAA Training Spain – the biggest simulator centre in Southern Europe.
The financing agreements come amid one of the most challenging times the aviation industry has ever faced and serve as evidence of trust in the future international growth of BAA Training. Commenting on the deal, Jonas Janukenas, CEO at Avia Solutions Group, said “Signing such a financing agreement as this one during the global crisis affecting the entire aviation industry is out of the ordinary. It emphasises the trust and confidence put into BAA Training that strengthens its position on the global stage.”
The Apple Bank for Savings financing was arranged by AirFinance. The loans are underwritten with a guarantee from UKEF, the UK’s Export Credit Agency (ECA), consolidating confidence in both BAA Training’s and Avia Solutions Group’s image in the global arena. This move will also ensure that the company’s strategic international development plans across Europe and Asia can be realised, giving it a competitive advantage over other businesses. Vedder Price P.C., led by Partner Dylan Potter, represented both UKEF and Apple Bank for Savings as outside counsel in the financing arrangements. Reed Smith LLP, led by partner Christopher Jackson, provided the majority of the legal support to BAA Training, which was also aided by advocate Ronaldas Kontautas and the team from Lithuania.
“The concluded agreements allow for further successful implementation of BAA Training’s expansion plan in Europe and Asia. We view this achievement as especially important in our company’s history. This guarantee received from the international financial institutions is very significant as it directly positions BAA Training as a trustworthy global player in the aviation training industry. It also allows us to compete with the most prominent market players and seek even larger expansion in new markets,” sais BAA Training’s CEO, Egle Vaitkeviciute.
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