Phoenix Aviation Capital, a full-service aircraft lessor managed by AIP Capital, an alternative investment manager focused on opportunities in asset-based finance and a portfolio company of funds advised or controlled by affiliates of BC Partners Advisors, issued a $592 million term loan facility. Phoenix and AIP intend on using proceeds from the term loan to repay existing warehouse debt and finance future growth.
Morgan Stanley, Citi and RBC Capital Markets acted as joint lead arrangers and joint bookrunners with Morgan Stanley also acting as administrative agent and collateral agent.
“The issuance of this term loan facility provides Phoenix with longer-term flexibility as it continues to grow its portfolio of in-demand aviation assets,” Jared Ailstock, managing partner at AIP, said. “We also believe the issuance of this facility demonstrates further confidence in Phoenix’s strategy among Phoenix’s lending counterparties.”
Patrick Schafer, Partner at BC Partners and board member of Phoenix, said, “This issuance reflects another key milestone in Phoenix’s execution of its strategy of growing its fleet of next-generation aircraft assets. The facility will provide Phoenix with additional capacity and flexibility to execute on this strategy.”
Clifford Chance served as transaction counsel and PwC acted as tax advisor to Phoenix and AIP. McCann Fitzgerald also acted in capacity as Irish counsel to Phoenix and AIP. Pivotal Corporate provided corporate services assistance to Phoenix and AIP. Cahill Gordon & Reindel served as transaction counsel to the lenders.
