Paul Hastings Advises DCM Deutsche Capital Management AG on the acquisition and financing of four Boeing 777F aircraft to be leased to Aerologic GmbH
London (December 2, 2008) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm advised DCM Deutsche Capital Management AG, a leading German fund manager, on the acquisition of four Boeing 777F aircraft. The transaction is valued at approximately US$680 million of which US$380 million is financed by a syndicate of lenders led by Calyon, the investment banking arm of Crédit Agricole, and Sumitomo Mitsui Banking Corporation Europe Limited.
The four aircraft were financed separately with separate special purpose German KG funds (each managed by Deutsche Capital Management AG) acting as borrowers. However, the financings were negotiated together, bringing the total of the deal acquisition to US$680 million. Each aircraft acquired is to be leased to Aerologic GmbH, the joint venture owned by DHL and Lufthansa Cargo.
London partner Keith Wilson led the Paul Hastings team, which included Norman Fraser, Vinay Reddy, Lucy Swart-Wilson and George Weston. The German law aspects were led by partner Hergen Haas, assisted by Heidi Hellwig with Mounir Letayf advising on the French law aspects.
Speaking on the acquisition, Keith Wilson said: "With financial markets in a current state of turmoil given the conditions prevailing in the debt markets, closing a deal of this size is a notable achievement for all concerned. We are delighted to have advised Deutsche Capital Management on this significant transaction which proved complicated and challenging.
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