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 intends to use the funds to support its fleet renewal and growth program., CEO Dave Andrew said in a statement.
“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”
ASL Aviation Holdings is a world leader in aircraft, crew, maintenance and insurance airline operations, serving major cargo and passenger airlines globally.
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. Vedder Price acted as lead counsel to Investec.
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.
ASL’s six airlines include ASL Airlines Ireland, ASL Airlines Belgium, ASL Airlines France and ASL Airlines United Kingdom in Europe. ASL also have joint venture and associate airlines FlySafair in South Africa and K-Mile Asia in Thailand. The group also includes several leasing entities.