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Griffin Global Asset Management Closes $1 Billion Warehouse Facility
Dublin, Ireland – April 27, 2021- Griffin Global Asset Management DAC and Griffin Global Asset Management (Servicer) LLC (together, “Griffin”) announced today that on April 23, 2021 Palisade Aviation Holdings Warehouse, Ltd. and Palisade Aviation Holdings Warehouse, LLC (together, the “Borrowers”), closed a five-year senior secured warehouse facility with an initial committed amount of $1,000,000,0000 (the “Facility”). The Borrowers were jointly established by Griffin and funds managed by Bain Capital Credit, L.P. as part of a joint venture focused on building a diversified aviation portfolio in conjunction with a world-class commercial aviation leasing and alternative asset management platform.
The Facility includes innovations that provide the Borrowers with maximum flexibility to offer its airline partners a variety of financing solutions, ranging from operating leases to finance leases to direct loans across a diverse spectrum of asset types and ages. The Facility is also unique in providing more flexibility on concentrations of certain airline exposure than a traditional warehouse facility, providing the joint venture with a powerful bridging tool to long-term capital markets solutions.
“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. This warehouse facility has significant capacity and flexibility that will allow us to create customized capital solutions for our airline customers going forward,” said Ryan McKenna, Founder and Chief Executive Officer of Griffin.
“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. 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.” said John Beekman, Chief Financial Officer of Griffin.
Goldman Sachs acted as the structuring agent for the Facility. Initial commitments for the facility were provided by Goldman Sachs, Barclays Bank PLC, Mizuho Americas, Morgan Stanley, Wells Fargo Bank, National Association, Bank of America, N.A. and Deutsche Bank AG, New York Branch.
Hughes Hubbard & Reed LLP acted as U.S. legal advisors to Griffin and the Borrowers, Milbank LLP acted as legal advisors to the Lenders, Maples and Calder (Ireland) LLP acted as Irish legal advisors for the Borrowers, Maples and Calder (Cayman) LLP acted as Cayman Islands legal advisors for the Borrowers, A&L Goodbody LLP acted as Irish legal advisors to Griffin and PWC acted as Irish tax advisors for Griffin and the Borrowers. UMB Bank, N.A. is acting as the administrative agent and the security trustee.
About Griffin Global Asset Management
Griffin is a commercial aircraft leasing and alternative asset management business with offices in Dublin, Ireland and Los Angeles, USA. Griffin’s team of aviation professionals works closely with airlines, OEMs, and financiers to deliver customized fleet solutions and innovative financing products to airlines globally.
About Bain Capital Credit
Bain Capital Credit, L.P. (“Bain Capital Credit”) (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management as of December 31, 2020. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Its team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital Credit invests across asset classes including private equity, public equity, venture capital, and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.