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German finance company EMP close sale lease back with Emirates for A380

Posted 2 March 2016 · Add Comment

Munich-based aviation finance arranger EMP, working in conjunction with Aviation Finance Company (AFC), Dubai Islamic Bank (DIB) and a German institutional investor, closed a ten-year sale lease-back transaction with Emirates for a 2013 vintage A380-800.

AFC arranged the mandate with Emirates and the investment of DIB. 

The financing for the Irish SPV lessor consists of a full-payout Islamic facility in an Ijarah Lease structure provided by DIB. The equity was issued through profit participation notes from the EMP´s Irish Head Lessor to EMP itself and a German Institutional investor. Seraph Aviation Management provide lease management services to the lessor. 

“We are pleased to have completed our second A380 deal with AFC and Emirates within only two months. The high leverage allowed us to minimize the residual value risks associated with the A380,” said Phillip Prior, EMP Partner. He continued, “We look forward to working with AFC and Seraph, both highly flexible, efficient and professional counterparties, to develop more aviation investment opportunities for our investors.” 

“Working together with the dedicated professionals at EMP and Emirates, a stellar underlying operator and credit provider, we were able to put together an asset backed investment structure that offers our debt and equity investors the right risk-return balance,” said Douglas Brennan, Chief Executive Officer of Aviation Finance Company in Dublin. “I look forward to more opportunities to partner with EMP as we plan to increase our activities in Germany, where institutional investors focus on long-term strategies with thoughtful and strategic risk-adjusted structures. With our global reach we will help EMP´s deliver more well-structured bespoke investments.”

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