TrueNoord, the specialist regional aircraft leasing company, has successfully upsized and syndicated a five-year Term Loan facility with BayernLB. This extends both parties’ long-term working relationship, which has already seen provisions of capital from the German financier in 2023 and 2024. The syndication of the facility also introduces Airbus Bank GmbH and Hamburg Commercial Bank (HCOB) to the lender group.
The Term Loan will finance a well-diversified portfolio of 21 aircraft including both turboprops and Ejets, and will further increase the TrueNoord fleet. BayernLB acted as Sole Structuring Agent & Mandated Lead Arranger for the facility.
“We have been talking to both Airbus Bank and HCOB for some time, so are very pleased to enfold them within our broadening group of financiers. We appreciate the ongoing confidence shown by the financing community in TrueNoord as a secure and credible investment partner, which is demonstrated in this latest transaction,” says Joram Lieteart Peerbolte, TrueNoord’s Chief Operating Officer & General Counsel. “It was a pleasure working with BayernLB again. The upsizing and syndication of this facility required expert knowledge and management to successfully navigate the complicated nature of such financing, which their team delivered with professionalism and speed.”
Viktor Berta, Director of Aviation & Space at BayernLB in London comments: “This transaction is evidence of our ability to structure, underwrite and syndicate facilities tailored to our specialist lessor clients’ needs.” He adds that “growing our relationship with TrueNoord is a great feat and we were pleased to see robust demand by our syndication partners, a testament to TrueNoord’s popularity amongst financiers.”
“Airbus Bank is pleased to foster its long-term relationship with TrueNoord by entering into this facility. Airbus Bank has been active in supporting lessors in the regional market since its inception in 2014” says Tom Dreckmann – Head of Aerospace, Airbus Bank GmbH. “We are glad to support TrueNoord’s continued growth of its operating lessor platform and join this banking club.”
Debbie Frew, Managing Director at HCOB adds: “We are thrilled to close our first commitment for TrueNoord, and look forward to expanding this relationship further in the coming months and years. This transaction demonstrates HCOB’s appetite for financing regional aircraft, and we are looking forward to growing and diversifying our commitments to this sector.”
TrueNoord’s portfolio comprises over 100 latest technology regional aircraft assets. These are currently on lease to more than 30 different airline customers based across 24 countries. In recent months the lessor has inducted Eastern Airways, Emerald Airlines, Air Serbia, Widerøe, LOT and Olympic Air who have all become part of the expanding TrueNoord lessee family in Europe, alongside the placement of additional aircraft with existing lessees Breeze Airways and Nexus Airlines.
Anne-Bart Tieleman, CEO, adds that strengthened funding and a broader financial base sends a confident message to the lessors’ partners. “The TrueNoord team is focused on our growth objectives and constantly evaluating opportunities to acquire portfolios of new and used aircraft for our customers worldwide. This facility further enhances our ability to react in a swift and decisive manner when the right transactions become available.”
Avolon prices US$850 million in senior unsecured notes
Avolon Holdings, a global aviation finance company, announces the pricing of a private offering by its wholly owned subsidiary, Avolon Holdings Funding Limited, for a principal aggregate amount of US$850 million of 5.375% senior unsecured notes due 2030. The notes will be fully and unconditionally guaranteed by Avolon, and by certain of its subsidiaries. The offering is expected to close on or about 27 March 2025, subject to customary closing conditions. Net proceeds from the offering will be used for general corporate purposes, which may include the future repayment of outstanding indebtedness.
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