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Allen & Overy advises on first EETC issuance by a Turkish airline

 

Acting for Turkish Airlines, Allen & Overy has advised on a deal that London Partner, Paul Nelson, said “was contingent upon Turkey’s implementation of the Cape Town Convention and recent amendments to the Cape Town Law in Turkey.”

The transaction, valued at USD328m, was an enhanced equipment trust certificate (EETC) financing secured against three new Boeing 777-300ER aircraft for Turkish Airlines. The Bookrunners were Citi, Goldman Sachs, Deutsche Bank and BNP Paribas, with BNP Paribas acting as Liquidity Facility Provider and Depositary.

Paul Nelson added: “It’s an exciting time for the aviation financing market with innovative and ground-breaking deals happening in many jurisdictions. This is particularly interesting as it is the first EETC issued by a Turkish airline. Although we are seeing large pockets of bank liquidity and reduced commercial debt pricing, the capital markets remain an attractive source of large scale financing, whether in the EETC, the ABS or the ECA supported markets.”

Alongside Paul Nelson were partners Tim Conduit (London), John Hwang (New York) and Gokhan Eraksoy (Turkey), with support from Deanna Smith, Chris Mitchell, Umut Gurgey, Karen Lee, Derek Poon, Andrew Page and Mirae Yang.

This deal is the latest in the line of recent capital markets innovations in the transportation arena on which Allen & Overy has advised.

For further information, please contact Susanna Robinson, susanna.robinson@allenovery.com or +44 (0) 20 3088 3918.

 

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