Alexandra Somerset

Special Counsel
Norton Rose Fulbright LLP

Paris T:+44 (20) 74442539

Alexandra Somerset

Alexandra Somerset advises on structured and asset finance and leasing transactions, with particular emphasis on the aviation sector.

Alexandra represents financial institutions, borrowers, issuers, aircraft and engine lessors and airlines on a complete range of commercial aviation and corporate jet transactions, including asset-backed security (ABS) financings, export credit agency-supported financings, debt financing, operating leasing, individual aircraft and portfolio sales, engine financing and sale and leasebacks.

Alexandra trained with Norton Rose Fulbright and spent eight years working in Paris and New York before returning to the London office in 2019. Alexandra has been named as a “rising star” in the Legal 500 and Euromoney guides, and was included on Airline Economics’ “40 under 40” 2023 list, which recognises the most outstanding individuals in that age group in the aviation finance and leasing industry.

Professional experience

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Education

Double first class Bachelor's and Master's degrees - Oxford University, England

Legal training, London

Admissions

England and Wales

Representative experience

Advising / acting for:
•    An ad hoc group of secured creditors on the US$6bn Chapter 11 debt restructuring of the world’s largest regional aircraft leasing company.
•    A European bank on the sale of its entire aviation finance client lending portfolio (approximately €5.6bn) to another bank.
•    Operating lessors on multiple portfolio acquisitions; PDP financings, issuing of default notices to lessees; letter of credit drawdowns; engine sales and substitutions; and negotiation of MRO agreements.
•    Issuers in connection with multiple issuances of fixed rate secured notes, the proceeds of which were used by each issuer to acquire a portfolio of aircraft and aircraft engines on lease to a diversified pool of customers.
•    A US-based airline on the sale and leaseback of five aircraft in connection with its emergence from Chapter 11 proceedings.
•    Buyers and sellers in connection with multiple aircraft sales and related novations.
•    Lenders on the US$165.45 million Balthazar-supported financing of three A321NEO aircraft, the first Balthazar‑supported financing for an airline in the Americas;
•    A major Middle East-based operating lessor on - the financing of its purchase of six new Airbus aircraft to be leased to various different operators; substitution of aircraft in existing facilities; and refinancing of existing loans.
•    A major cargo airline on transfers of beneficial interest in leases.
•    A US-based airline on the purchase of 50 aircraft, flight simulation devices and associated training arrangements in connection with its establishment of a pilot training school.
•    The sale and purchase of various corporate jets.
•    A leading European financial institution on the export credit supported debt financing of electric-powered multiple units for a European rail operator.
•    The Airbus export credit agencies on the restructuring of their portfolio of financings to a major international airline.
•    Lenders in connection with multiple ExIm supported financings.
•    Export credit agencies and financial institutions on multiple deliveries of new Airbus, Boeing, Embraer, ATR and Bombardier aircraft, including Japanese Operating Leases and German, French and Italian optimised lease structures.

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