24 Oct 2022

Investec and ASL Aviation Holdings partner on a US$65m term loan

The financing will support ASL’s fleet renewal programme. 

Investec Aviation Finance has concluded a term loan and revolving credit facility (RCF) agreement with Dublin-based ASL Aviation Holdings (“ASL”), a global aviation services company with airlines based in Europe, South Africa and Asia.

ASL Aviation Holdings is a world leader in aircraft, crew, maintenance and insurance airline operations, serving major cargo and passenger airlines globally. 

The company owns, operates or manages a fleet of approximately 130 aircraft ranging from ATR turboprop aircraft to Boeing 747 freighters and its major customers include global express integrators and e-commerce retailers. Passenger flights are also operated on an ACMI and scheduled basis. 

The term loan and RCF, with a combined available commitment of approximately US$65m, is secured by a portfolio of 17 aircraft operating across seven different jurisdictions within the ASL group or on lease to third party lessees. Sixteen of the aircraft are cargo aircraft, with one passenger aircraft.

The term loan and RCF is a refinance and upsize of existing facilities between Investec and ASL, which previously covered 14 aircraft.

According to Dave Andrew, CEO of ASL, the funding will term out its existing debt and provide additional funding and flexibility to facilitate ASL’s ongoing fleet renewal. 

“Investec has been a long standing and committed partner to the ASL group. We are delighted to continue our long-standing relationship with a facility that allows us to be flexible in meeting our growth ambitions” says Andrew.

Bradley Gordon, Head of Aviation Finance at Investec South Africa, says the financing is the continuation of a 10+ year relationship between Investec and ASL. “We’ve been proud to be a partner of ASL as it has grown into new markets and territories. We look forward to continuing to work with ASL into the future and seeing their business grow and prosper”

Vedder Price acted as lead counsel to Investec.