The winners of the Airfinance Journal 2010 global aviation finance awards have been announced and Clyde & Co has been recognised for its work on an innovative Emirates Airbus A380 financing.
The transaction, which closed in December 2010, involved the acquisition and financing of an Airbus A380 aircraft leased to Emirates. The aircraft owner, Doric Nimrod Air One ("DNA"), was established in Guernsey as a special purpose fund and raised a combination of equity - on the London Stock Exchange - and debt - from Australia’s Westpac Banking Corporation.
DNA is the first UK-listed special purpose aircraft investment company for UK institutional investors; and creates a completely new market that allows UK institutional investors to access a new asset type and airlines to further diversify their own funding mix.
Clyde & Co advised Westpac Banking Corporation on the transaction. Aviation finance partner Gavin Hill noted: "We are delighted to have been able to work with Westpac, Doric, Nimrod Capital and Emirates on this challenging deal and help bring a new product to the market."
The award follows a number of previous Airfinance Journal successes for the Clyde & Co Aviation Finance Group, including most recently "Middle East Deal of the Year 2009" for its work on a set of Emirates Airbus A380 KG financings, "Engine Finance Deal of the Year 2007" for a large GSI/ELFC engine fund and "Asia Deal of the Year 2007" for the first Singapore Airlines Airbus A380 KG financings.