Investec Aviation Finance has deepened its relationship with leading global aviation services company, ASL Aviation Holdings (“ASL”), through the conclusion of a term loan and revolving credit facility (RCF) worth US$104.1m, arranged by Investec Bank. The transaction is secured by a portfolio of 10 cargo aircraft and eight passenger aircraft operating across eight jurisdictions.
This is a further refinance and upsize of existing facilities with Investec and other lenders, following a similar transaction worth US$65m concluded a year ago between the two parties, terming out and upsizing these facilities.
The cargo aircraft operate on contracts that supporting major cargo integrators and e-commerce providers across Africa, Asia and Europe, while the passenger aircraft are part of the low-cost airline fleets for Flysafair and ASL Airlines France.
ASL is Dublin-based global aviation services group that offers cargo and passenger airline solutions, aircraft leasing and aircraft maintenance services. With an annual turnover of over €1.5bn, it owns, operates and manages a fleet of approximately 160 aircraft consisting of eight aircraft types ranging from ATR turboprop aircraft to Boeing 747 freighters. Its major customers include major freight integrators, package holiday providers and other major airlines globally.
According to Dave Andrew, CEO of ASL, the funding will help to term out existing debt and provide additional funding and flexibility as the group continues with its programme of fleet renewal to meet growing demand in its key segments.
“This transaction is further evidence of our long-standing relationship and shared vision with Investec. We are pleased to once again partner with Investec, with a facility that further allows us to be flexible in meeting our growth ambitions,” says Andrew.
Thato Matsha, Senior Associate, Aviation Finance at Investec South Africa, says Investec is proud to support ASL’s expansion initiatives. “Our relationship with ASL goes back more than a decade, and in that time we’ve seen it develop as a market leader, with a compelling strategy across various markets and segments. We hope to continue to support ASL in the coming years.”
Read more about this transaction here.