28 April, 2017
Stephenson Harwood (Singapore) Alliance has advised HI Investment & Securities Co. Ltd on the US$209 million acquisition and financing of two Boeing 777 aircraft, on lease to Emirates. HI is a member of the Hyundai Heavy Industries Group.
The aircraft were purchased by two Cayman Islands incorporated special purpose vehicles established by HI Investment & Securities, from a Chinese leasing company, and remain on lease with Emirates following the acquisition.
The deal was financed using a combination of senior and junior funding. DVB Bank SE Singapore Branch and Korean institutional investors provided senior financing for the aircraft, while the junior financing was also provided by Korean institutional investors.
"Stephenson Harwood continues to play the leading role in aviation finance deals in the region. This first-of-its-kind transaction demonstrates our ability to support clients on their strategically important deals. We are delighted to continue our relationship with HI in their pioneering role in aviation finance deals in the Korean market," said Singapore-based asset finance partner Saugata Mukherjee.
The Stephenson Harwood (Singapore) Alliance team was led by partner Saugata Mukherjee and associate Adam Smart, with support from associate Min Chia and paralegal Jane Bay.
The deal represents the fifth Korean focused deal completed by the Singapore aviation and structured finance team in recent times, further strengthening its reputation in the Korean market. In 2014, Stephenson Harwood acted for HI on an A380 financing for Etihad, which was the first transaction of its kind in the Korean market. Since then, HI has closed four aircraft financing transactions which include four A380s and two B777-300ERs.
