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BBAM and NBB close JOLCO transaction for BA A350-1000

Posted 29 August 2019 · Add Comment

BBAM Limited Partnership (BBAM) and Nomura Babcock & Brown Co., Ltd. (NBB) have closed a Japanese operating lease with call option (JOLCO) transaction with British Airways for an A350-1000.

Above: A British Airways A350.
Courtesy British Airways / Stuart Bailey www.StuartBaileyPhoto.com

This is the first JOLCO closing in a $1.12 billion transaction combining senior secured enhanced equipment trust certificates (EETC) and JOLCO equity in relation to a number of new generation British Airways operated aircraft.

The transaction will provide financing for six A350-1000 aircraft and two A320neo aircraft. The deal allows the aircraft to be financed by the proceeds from the British Airways 2019-1 EETC certificates and JOLCO equity arranged by NBB and BBAM.

"BBAM structured the JOLCO element of this transaction and we are delighted to further build on our strong relationships with British Airways and IAG," said Steve Zissis, Chairman and Chief Executive Officer of BBAM. "The combination of EETC debt and JOLCO equity is an innovative structure that we have helped develop to provide our clients with flexible financing solutions."

Citigroup was the sole structuring agent and joint bookrunner for the EETC deal. Credit Suisse was the other joint bookrunner. Deutsche Bank, Goldman Sachs and Morgan Stanley were the passive bookrunners.

BBAM is the structuring agent for NBB and the JOLCO equity investors.

BBAM is the world's largest dedicated manager of investments in leased commercial jet aircraft providing over 200 airline customers in more than 50 countries with fleet and financing solutions over the last 30 years.

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