Helicopter leasing company Milestone Aviation has closed on a series of debt facilities totalling $400 million and says it will use the proceeds to support its partners and provide additional liquidity to the global helicopter market.
"These are important milestones for our company," says Milestone chairman Richard Santulli. "We thank Deutsche Bank and our financing partners for providing additional capital to fuel our growth. Lenders' enthusiasm for the offerings further validates the strength of our business model and highlights the important role Milestone plays for the rotary sector."
The combined $400 million in debt facilities include an oversubscribed $265 million facility led by Deutsche Bank, along with Nomura, Huntington Bank, CIT, 1st Source Bank, EverBank Commercial Finance and Credit Suisse as lenders, which Milestone describes as "the first facility of this type undertaken in the market".
The deal also includes a $75 million facility with Swedish bank SEB and three facilities totalling more than $60 million with Société Générale, including one covering certain Milestone pre-delivery payments.
Milestone was launched two years ago having raised $500 million in equity from the Jordan Company and Nautic Partners to provide operating lease financing to the helicopter industry.
Since its inception, Milestone has leased 53 aircraft valued at more than $600 million. The Dublin-headquartered company leases helicopters to 20 operators spread over four continents, including leases with three of the four largest global helicopter operators.
By the end of 2012, Milestone expects to have leased assets operating on six continents and valued at more than $1 billion.
Source: Flight International
