11 October 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised the seller and lessee, SilkAir and A1 noteholder, Singapore Airlines (“SIA”) on the sale and leaseback of five Airbus A320s.
WFW Singapore provided English and Singapore legal advice while WFW New York acted on US legal and tax aspects.
Each aircraft is owned by an Approved Special Purpose Company (“ASPV”) with US equity arranged by EBF & Associates. CIT Bank, DBS, SIA and certain EBF & Associates entities provided the debt, denominated in both US and Singapore dollars, and structured in the form of debt capital market notes. US Bank acted as Security Trustee, Note Trustee and Administrative Agent.
Partner Siva Subramaniam led the team and was supported by Jesse Clark and Su Lin Khor (all WFW Singapore) and Stephen Millman (WFW New York).
Siva Subramaniam, Aviation sector partner at WFW in Singapore, said: “We are delighted to have assisted our clients on a complex set of issues and help them reach their commercial objectives, especially as we had to deal with the debt vs equity, inter-creditor and structural issues raised by the number of debt and equity participants, the denomination of the loan notes, the regulatory regime around the ASPVs and the fact that SIA (which is an affiliate to SilkAir) was also providing debt into the structure.”