Palisade Aviation Holdings Warehouse, Ltd. and Palisade Aviation Holdings Warehouse, LLC, which were jointly established by Griffin Global Asset Management and Bain Capital Credit, closed a five-year senior secured warehouse facility with an initial committed amount of $1 billion.
Goldman Sachs acted as the structuring agent for the facility. Goldman Sachs, Barclays Bank, Mizuho Americas, Morgan Stanley, Wells Fargo Bank, Bank of America and Deutsche Bank provided the initial commitments for the facility.
Palisade Aviation Holdings Warehouse, Ltd. and Palisade Aviation Holdings Warehouse, LLC, (the borrowers) were established as part of a joint venture between Griffin and Bain focused on building a diversified aviation portfolio in conjunction with a commercial aviation leasing and alternative asset management platform.
“We are grateful for the support from our banks as we grow the Griffin platform into a leader in the aircraft leasing and financing sector,” Ryan McKenna, founder and CEO of Griffin Global Asset Management, said. “This warehouse facility has significant capacity and flexibility that will allow us to create customized capital solutions for our airline customers going forward.”
“Developing this warehouse facility was a collaborative process with our lending partners and resulted in a first-of-its-kind facility in the aviation industry,” John Beekman, CFO of Griffin Global Asset Management, said. “The overwhelming support from these seven financial institutions is very meaningful as the growth of Griffin accelerates. Going forward, we will continue to create innovative financial products that will meet the evolving needs of the airlines and OEMs in this dynamic market.”
Hughes Hubbard & Reed acted as U.S. legal advisor to Griffin and the borrowers. Milbank acted as legal advisor to the lenders. Maples and Calder (Ireland) acted as Irish legal advisor for the borrowers. Maples and Calder (Cayman) acted as Cayman Islands legal advisor for the borrowers. A&L Goodbody acted as Irish legal advisor to Griffin. PWC acted as Irish tax advisor for Griffin and the borrowers. UMB Bank is acting as the administrative agent and the security trustee.