Norton Rose Fulbright advises on five winning Ishka ‘Deals of the Year’

Global law firm Norton Rose Fulbright has been recognised for its involvement in five winning deals in the Ishka 2024 Deal of the Year Awards.

Ishka is a leading industry provider of data, opinion, analytics, advisory services and events for the global aviation finance community. Its annual Deal of the Year Awards recognises some of the most significant aviation finance transactions of the previous year and is celebrated across three global conferences.

Norton Rose Fulbright advised on the following winning Deals:

Best Restructuring Deal 2024 – SAS’ Chapter 11 Exit Financing

Norton Rose Fulbright advised Scandinavian Airlines (SAS) as special aircraft finance counsel on its US$1.2 billion Exit Financing from Chapter 11. The team was led by partners Owen Mulholland, David Rosenzweig, Fiona Henderson and Will Alete, with support from senior counsel Francisco Vazquez and counsel Louise Auty. The team advised on all aviation-related elements of the exit financing and related security package, and acted as special aviation counsel to SAS throughout its Chapter 11 process, working together with Seabury Capital as restructuring advisor and Weil Gotshal & Manges as bankruptcy counsel to SAS in connection with the restructuring of SAS’s fleet obligations.

Best Engine Deal 2024 – FTAI and LATAM Engine Exchange and SLB

The firm advised LATAM Airlines Group S.A. (LATAM) as counsel on a sale/leaseback and engine exchange programme between FTAI Aviation Ltd. And LATAM for over 30 aircraft, complete with engine maintenance, repair and exchange contracts. The transaction provided LATAM with a comprehensive engine power solution comprised of both CFM56 and V2500 engines, offering LATAM cost savings and flexibility by avoiding shop visits through engine exchanges. The New York-based Norton Rose Fulbright team was led by senior associate Ryan Apar with partner Alyssa Vazquez.

Best Supported Financing Deal 2024 – Azorra’s BNDES and ITASCA Embraer Financing

Norton Rose Fulbright advised BNDES on an innovative R$1.1 billion (US$190 million) limited recourse financing agreement between Azorra and Brazilian development bank BNDES to finance eight Embraer E2 jets under Azorra’s E2 orderbook. The deal was supported by commercial non-payment insurance (NPI) provider Itasca and represented the first time BNDES had worked with a private NPI for a lessor financing. The New York-based Norton Rose Fulbright team was led by partner Fiona Henderson with senior associate Gaetano Taormina.

Best ECA Deal 2024 – Pegasus’ Bpifrance-supported Engine Maintenance Financing

Norton Rose Fulbright advised Société Générale as lender, lead arranger, facility agent and ECA agent on the Best ECA Deal. The winning deal was Bpifrance Assurance Export’s first engine shop visit financing transaction for Pegasus Airline relating to CFM International SA engines, a joint-venture between General Electrics and Safran Aircraft Engines. It covered several batches of engines and associated life limited parts’ sets, with flexibility in the selection of the engines included in each batch. The Paris-based Norton Rose Fulbright team was led by partner Alexandre Roth, assisted by associates Elahé Hoseiny and Lorraine Viard.

Sustainable Financing Pioneer Award – Turkish Airlines’ x2 A321neo sustainability-linked JOLCO financing

The firm also advised Société Générale as lender’s counsel in relation to Turkish Airlines’ x2 A321neo sustainability-linked JOLCO financing, which closed in September 2024. This was the first sustainable finance transaction by Turkish Airlines and the deal included sustainability performance targets (SPTs) based on carbon intensity reduction. The Paris-based Norton Rose Fulbright team was led by partner George Paterson.

Norton Rose Fulbright’s global team of aviation lawyers work with airlines, banks and financiers, lessors, manufacturers, insurers, export credit agencies, governments and regulatory bodies on the full range of aviation legal services, including fleet selection programs, partnering arrangements with fellow carriers, travel companies and other third parties, restructurings, competition law compliance and a range of employment issues. The firm also advises on major aircraft financing and leasing transactions, including acting on significant ‘first-of-their-kind’ matters.