BLP advises CIT Aerospace & Defense Finance on US$125m credit facility to UK based aviation specialist A J Walter Aviation

International law firm Berwin Leighton Paisner (BLP) has advised CIT Aerospace & Defense Finance part of CIT Group Inc., a global leader in transportation finance, on a US$125m credit facility to UK based aviation spares specialist A J Walter Aviation (AJW).

The senior secured credit facility will be used to support spare parts acquisitions to service AJW’s rapidly growing customer portfolio and on-going growth objectives.

BLP asset finance partner, Keith Wilson, who led the BLP team advising on the transaction, said: “Deals such as this can be hugely advantageous to borrowers yet we have seen very few asset based financing deals such as this completed in the aviation market over the last 12 months.”

“It was a great transaction for BLP to have been involved in as it sees the Firm working with two market leading transportation finance and spares specialists and demonstrates BLP’s complex asset based finance capabilities.”

Oliver Althoff, Director of CIT Aerospace & Defense Finance, said: “We were pleased that BLP were involved on the deal to help secure the financing for AJW. It had to be carefully structured in order to accommodate AJW’s current business model and with BLP’s help, this financing solution will allow AJW to maintain its plans for continued growth.”

Keith Wilson was assisted on the finance arrangements, which included securing finance on aircraft rotables and spare parts, by BLP senior associates Adam Longney, Amy Lindemann and associate Luke Liberda.

Other parties involved in the deal include Royal Bank of Scotland (RBS), Lloyds TSB and HSBC, with financing also provided by CIT Bank, a wholly owned subsidiary of CIT Group Inc.

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