Regional-airliner leasing specialist TrueNoord has announced it has closed a senior secured debt facility of $500 million. The facility will refinance part of TrueNoord’s existing portfolio of Embraer, Bombardier, and ATR regional aircraft. The remaining funds will be used as a warehouse for future business development and fleet expansion, according to the company.
A trio of European and U.S. banks underwrote the facility. Morgan Stanley, NORD/LB Norddeutsche Landesbank and Barclays support TrueNoord’s targeted growth strategy, which is also endorsed by investors Bregal/Freshstream, BlackRock, and Aberdeen Asset Management. Legal advisory for the facility came from the firm of Milbank, Tweed, Hadley & McCloy LLP.
“At this week’s Farnborough Airshow, I anticipate some highly productive discussions as we pursue our guiding policy to acquire new or relatively young aircraft with long leases operated by triple-A carriers,” said TrueNord CEO Anne-Bart Tieleman. Chairman Nigel Turner concurred that the past 12 months have been transformative for the company. “TrueNoord specializes in providing regional aircraft in the 50- to 150-seat class,” he said, “and we understand the complex geographies that need air transport to deliver economic growth and community connections.”