Aeroplane in Flight

WFW Asia Practice advises Singapore Airlines on an Irish-structured operating lease for three Boeing 777-300ER aircraft

3 September 2014

The Singapore office of Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it (along with WFW’s New York office) has advised Singapore Airlines as seller, lessee and senior lender on an Irish structured operating lease transaction involving three Boeing 777-300ER aircraft.

The transaction was arranged by Banco Santander S.A. and involved a syndicate of senior lenders comprising Singapore Airlines Limited, Bank of Tokyo Mitsubishi UFJ, Ltd., Singapore Branch, and National Australia Bank Limited, with Banco Santander S.A. as junior lender.

The transaction is noteworthy because, in addition to financing from the banks, the transaction allowed for Singapore Airlines to provide debt into the structure. As the airline is also a creditor to the Irish SPV, certain detailed inter-creditor provisions between Singapore Airlines as a senior lender and the other senior lenders and junior lenders had to be included in the deal structure.

WFW Asia Practice Asset Finance partner Siva Subramaniam led the Singapore-based team, assisted by associates Peter Mitchell and Su Lin Khor. Daniel Pilarski from WFW New York provided regulatory advice in connection with the Foreign Account Tax Compliance Act.