BC Partners portfolio managed by FPG Amentum

Our role

Investec arranged a c. US$870 million senior debt facility for a fund advised by BC Partners Credit, the private credit arm of BC Partners, a leading international investment firm, in partnership with global aviation asset manager FPG Amentum. The financing supports a portfolio of 11 widebody aircraft leased to Emirates, Etihad, Singapore Airlines and a tier 1 Middle Eastern carrier.

The facility is secured against a portfolio comprising five Boeing 777-300ER, three Boeing 787-9, two Boeing 787-10 and one Airbus A350-900 aircraft. Investec acted as Mandated Lead Arranger and Bookrunner for the transaction alongside both CaixaBank and Mashreq Bank. Investec also acted as Swap Counterparty for the related interest rate hedging across the facility. Kookmin Bank acted as Co-Arranger for a subset of assets within the portfolio.

The transaction required a tailored financing approach to account for multiple aircraft types, different lease tenors, multi-currency rental streams and a more complex geopolitical backdrop. The senior secured structure provides the fund with lease-aligned financing across the portfolio and supports FPG Amentum’s management of the aircraft on behalf of their investors through the life of the leases.

Clayton Woollgar, Head of Structured Finance for Aviation at Investec, said: 

“FPG Amentum needed a financing partner that was able to understand the complex detail of the portfolio acquisition and structure the right financing solution around it. Investec worked closely with their team to shape the facilities across these 11 aircraft, four airline groups, separate lease profiles, different maturities and multiple currencies. This transaction reflects the value of close collaboration between Investec and our valued clients and funding partners in delivering financing at scale that is competitive and flexible, while navigating the headwinds of a more complex market environment. We are thankful to the FPG Amentum team for their trust in our ability to execute on this important transaction, and to our funding partners for their continued support.”

Rupert Leggett, Chief Executive Officer of FPG Amentum, commented: 

“Investec’s support and partnership were valuable throughout this transaction. The team understood FPG Amentum’s objectives, the aircraft portfolio and the structural requirements involved in a complex transaction and their collaborative approach helped deliver the certainty needed for an important acquisition in a challenging market environment.”

Milbank LLP acted as lead counsel on behalf of the finance parties.