Tiang & Partners has advised SkyCo International Financial Leasing Co., Ltd.("SkyCo") on its restructure and re-financing of one Boeing 777 aircraft with a lease attached to Emirates. The financiers, comprising a syndicate of senior and junior lenders, were arranged by DVB Bank SE Singapore Branch as mandated lead arranger and Korea Development Bank as arranger.
SkyCo restructured its equity position in the aircraft and in turn prepaid the outgoing lending group comprising Asian, Middle Eastern, US and European financiers and swap counterparties.
The Tiang & Partners team coordinated the restructure and refinancing effort, which spanned numerous jurisdictions and involved parties undergoing changes in their own corporate structure. The team worked jointly with various Tax and Assurance teams from the PricewaterhouseCoopers ("PwC") global network of firms, and through this close collaboration were able to draw on the respective teams’ deep aviation financing and leasing transactional experience to deliver a streamlined, integrated solution on this complex cross-border transaction.
Tejaswi Nimmagadda, our Banking & Finance Partner who led the transaction, commented: "We were delighted to support SkyCo and the various outgoing and incoming parties involved to a successful outcome on this transaction which was complicated by various circumstances outside our control. We were able to deliver our deep understanding of legal, tax and commercial realities underpinning this transaction in a seamless manner with PwC to the benefit of our client."
The members of the core Tiang & Partners team included Nai Kwok (Registered Foreign Lawyer), and Charissa Chu (Paralegal (pending admission as a Solicitor)). The team collaborated with Banking & Finance Partner, Yi Liu, and Senior Attorney, Xiao Wang at Beijing Rui Bai Law Firm, an independent law firm and a member of the PwC global network of firms who provided PRC legal advice.