Watson Farley & Williams (“WFW”) advised Natixis CIB and a syndicate of lenders comprising BRED Banque Populaire, Crédit Industriel et Commercial CIB, Banque Calédonienne d’Investissement and Banque de Nouvelle-Calédonie on the finance lease of one Airbus A350-900 benefiting from the French overseas tax incentive scheme known as “Lodeom”, as well as the refinancing of two Airbus A330neos through a conditional sale agreement structure, for Air Calédonie International (“Aircalin”), each backed by Balthazar Finance insurance cover led by Marsh and supported by six insurers including AXA XL, HDI Global, Liberty, SCOR et Westfield Specialty.
Delivery of the Airbus A350-900 is scheduled for December 2026, with a second aircraft expected to join Aircalin’s fleet in mid-2028. The transaction forms part of the renewal and expansion of Aircalin’s long-haul fleet and is aimed at strengthening connectivity between New Caledonia, the Pacific region, Asia and Europe, particularly on the strategic Nouméa-Bangkok-Paris route.
The A350-900 financing combines Aircalin’s equity contribution, funding arranged by Inter Invest Outre Mer and supported by the French State’s tax incentive regime for overseas investments and Balthazar Finance-backed funding from international and local financial institutions, implemented through a dedicated French special purpose vehicle managed by tax arranger Inter Invest Outre Mer.
A subsidiary of Groupe BPCE, Natixis Corporate & Investment Banking, is a leading international provider of corporate and investment banking, asset financing and investment banking services, supporting clients on complex transactions across global markets.
Founded in 1983 and headquartered in Nouméa, Aircalin is the flag carrier for the French overseas territory of New Caledonia. It operates a network connecting New Caledonia with Australia, New Zealand, Asia, the Pacific Islands and mainland France.
The WFW Paris Finance team that advised the lenders was led by Banking and Finance Partner Philippe Monfort, supported by Associates Natsumi Gibault and Reyan Sebei.
Philippe commented: “We are delighted to have advised Natixis CIB on this strategic transaction for Aircalin. This deal highlights the effectiveness of the Balthazar-backed financing combined with the French tax incentives framework in the aviation sector, as well as the ability of our team to assist financial institutions in the implementation of innovative financing solutions that support fleet renewal and the continued development of air transport”.
Clifford Chance advised the Balthazar Finance insurers, while HFW and Me Palmyre Molet acted for Aircalin. Odi-Sé Avocats advised the owner and the tax arranger Inter Invest Outre Mer in connection with the A350 financing.
