CEXIM’s financing of two Airbus A380 aircraft, on which Ince & Co acted as lead transaction counsel, has been awarded “China Aviation Deal of the Year 2017 for Financing Innovation” at the 6th China Air Finance Awards Ceremony in Tianjin. The transaction was a USD450M financing for Minsheng Financial Leasing (MSFL) as lessor of two A380-800 aircraft on finance lease to Korea’s Asiana Airlines.
The award was announced during the three-day China Air Finance Development (DFTP) Summit attended by over 800 industry representatives. This deal was the first major CEXIM-backed financing for aircraft leased to an Asia-Pacific based international airline and the first financing of A380 aircraft. The transaction involved a complicated cross-collateralised structure and a set of finance and security documentation under English, Irish and PRC law as well as the laws of the Republic of Korea. The team was able to negotiate and close the deal for CEXIM in less than eight weeks.
David Beaves, Managing Partner, Hong Kong said:
“We are delighted that this important transaction on which we represented CEXIM has received this high profile recognition. Balbir Bindra, who heads Ince & Co’s aviation finance practice in Asia, led the team supported by Linda Chung, Joanna Au and Vincent Zhang, as well as Will Cooper and his team in London.”
Gillie Belsham, Partner in London and Global Head of Aviation said:
“This is a significant achievement for the firm. Our representation of CEXIM on this award-winning transaction, which follows our recent recognition in the Airfinance Journal’s Export Credit Deal of the Year 2016, demonstrates our market leading aviation finance expertise across multiple jurisdictions.”