Nordic Aviation Capital
Nordic Aviation Noteholders Work With Houlihan Lokey, Akin Gump for Upcoming Debt Negotiations
Fri 01/29/2021 05:52 AM
Holders of Nordic Aviation’s $858.83 million private placement notes are working with Houlihan Lokey and Akin Gump for upcoming debt negotiations, sources told Reorg. Continue reading for our EMEA Core Credit team's analysis of Nordic Aviation's upcoming debt negotiations and request a trial for access to our analysis and reporting on hundreds of other stressed, distressed and performing credits.
Akin Gump also advised the noteholders during the group’s scheme of arrangement process in the summer of 2020.
NAC 29 DAC is the issuer of the private placement notes and is also the borrower of most of the company’s unsecured debt. This includes Schuldschein financing and an $800 million unsecured RCF, among other facilities. The principle remaining under these facilities as of March 31, 2020, (before the standstill agreement) is below:
In July 2020, creditors to NAC 29 successfully amended the Irish scheme of arrangement proposed by the company to grant them greater security over assets, in particular new aircraft on order that are yet to be delivered, as reported.
The interest payment deferral period agreed as part of last year’s scheme expired on Dec. 31.
As of June 30, 2019, the group had $5.367 billion in debt. Of this, $4.907 billion relates to aircraft financing. Long-term equity shareholders EQT Partners, KIRKBI Invest, GIC (the sovereign wealth fund of Singapore) and the group’s founder Martin Moller committed $60 million of new equity in the company. The shareholders are working with Freshfields as their legal advisor.
Nordic Aviation Capital was previously advised by Rothschild & Co, Clifford Chance and McCann FitzGerald. The company did not confirm whether these advisors remained engaged.
Milbank previously advised a group of secured creditors with claims against various entities except NAC29, while the RCF lenders were advised by Linklaters.
There has been some trading in the company’s RCF since the scheme was completed, with about $150 million having been offloaded by two bank lenders in October, as reported.
Matheson, A&L Goodbody and Arthur Cox also advised various scheme creditors.
Akin Gump also advised the noteholders during the group’s scheme of arrangement process in the summer of 2020.
NAC 29 DAC is the issuer of the private placement notes and is also the borrower of most of the company’s unsecured debt. This includes Schuldschein financing and an $800 million unsecured RCF, among other facilities. The principle remaining under these facilities as of March 31, 2020, (before the standstill agreement) is below:
In July 2020, creditors to NAC 29 successfully amended the Irish scheme of arrangement proposed by the company to grant them greater security over assets, in particular new aircraft on order that are yet to be delivered, as reported.
The interest payment deferral period agreed as part of last year’s scheme expired on Dec. 31.
As of June 30, 2019, the group had $5.367 billion in debt. Of this, $4.907 billion relates to aircraft financing. Long-term equity shareholders EQT Partners, KIRKBI Invest, GIC (the sovereign wealth fund of Singapore) and the group’s founder Martin Moller committed $60 million of new equity in the company. The shareholders are working with Freshfields as their legal advisor.
Nordic Aviation Capital was previously advised by Rothschild & Co, Clifford Chance and McCann FitzGerald. The company did not confirm whether these advisors remained engaged.
Milbank previously advised a group of secured creditors with claims against various entities except NAC29, while the RCF lenders were advised by Linklaters.
There has been some trading in the company’s RCF since the scheme was completed, with about $150 million having been offloaded by two bank lenders in October, as reported.
Matheson, A&L Goodbody and Arthur Cox also advised various scheme creditors.
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