Exclusive: Asset Brok'Air closes innovative Jolco for SAS

Published 05 Oct 2018 Last Updated 05 Oct 2018 09:40

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Olivier Bonnassies

Scandinavian Airlines System (SAS) has closed financing for a new A320neo delivery through a Japanese operating lease with call option (Jolco) that was structured through an in-house asset management platform.

This deal is the inaugural Jolco transaction closed with SAS Group’s Gorm Asset Management.

Although the aircraft is currently Swedish-registered, the Jolco package was structured so that SAS could transition the aircraft to any of the SAS Group’s operating platforms, including Ireland, in a seamless manner.

The A320neo delivery was mandated to Asset Brok’Air under a request for proposal issued in February 2018 by SAS for the financing of 10 A320neo aircraft.

Credit Industriel et Commercial is acting as security trustee, facility agent and lender. Banque Postale and Banque Palatine are lenders.

Watson Farley (Paris), Walkers (Dublin) and Mannheimer Swartling () advised the lenders; Norton Rose (London) and McCann Fitzgerald (Dublin) advised SAS and Gorm Asset Management. K&L Gates () advised the lessor.

“This transaction is the first Jolco closed involving an leasing platform,” says Asset Brok Air International’s managing director, Jean-Gael Duboc.

SAS has mandated Asset Brok’Air International for an additional three A320neo deliveries, which will be funded in the coming months with a wider banking group.

Earlier this year, the Jolco specialist closed a Jolco refinancing covering three -800s operated by the SAS. Two aircraft financings closed in June, one in July.

The mandate was in addition of 10 737s arranged for SAS since 2016.

SAS | Jolco | 06-18 | 10xA320neo Transaction Snapshot

Full Details ! (/data/transaction/10138?name=SAS%20%7C%20Jolco%20%7C%2006-18%20%7C%2010xA320neo&link=%2FArticles%2F3573967)

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