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Griffin Global Asset Management Signs Amendment, Extension and Upsizing of Warehouse Facility to $1.5 Billion of Capacity
Dublin, Ireland – August 15, 2022 - Griffin Global Asset Management DAC and Griffin Global Asset Management (Servicer) LLC (together, “Griffin”) announced today that on August 12, 2022 Palisade Aviation Holdings Warehouse, Ltd. and Palisade Aviation Holdings Warehouse, LLC (together, the “Borrowers”), signed an amendment, extension and upsizing transaction for its senior secured warehouse facility, which now has a committed amount of $1,500,000,0000 (the “Facility”). The initial Facility had $1,000,000,000 of capacity and was awarded the Airline Economics Global Editor’s Deal of the Year Award for 2021. Among other innovative features, the Facility provides 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. The Facility as amended has a 54-month term.
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.
“We are incredibly grateful for the continued support from our existing lending group, and the partnership from our new lenders, as the Griffin platform continues to expand. The upsizing and extension of the warehouse will provide us with additional capacity and flexibility to deliver customized capital solutions for our airline customers in this dynamic market,” said John Beekman, Chief Financial Officer of Griffin.
Goldman Sachs acted as the structuring agent for the Facility. As part of the amend, extend and upsize transaction, commitments for the facility were provided by Goldman Sachs, Bank of America, N.A., Barclays Bank PLC, Mizuho Americas, Morgan Stanley, PNC Bank, Wells Fargo Bank, National Association, Societe Generale 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, Puerto Rico 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.
For more information, please visit www.griffingam.ie or www.griffingam.com.
About Bain Capital Credit
Bain Capital Credit, L.P. (“Bain Capital Credit”) (www.baincapitalcredit.com) is a leading global credit specialist with approximately $57 billion in assets undermanagement as of December 31, 2021. 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.