$450 Million financing for Minsheng Financial Leasing (MSFL) as lessor of two A380-800 aircraft on finance lease to Korea’s Asiana Airlines

Ince & Co closed a major aviation financing representing The Export-Import Bank of China (CEXIM), a state-owned policy bank of the Chinese government.

The transaction is a USD450M financing for Minsheng Financial Leasing (MSFL) as lessor of two A380-800 aircraft on finance lease to Korea’s Asiana Airlines.

The transaction was negotiated and closed in less than 8 weeks and is the first major CEXIM-backed financing for aircraft leased to an Asia-Pacific based international airline. It represents an inflexion point in the dynamics of Asian and global aviation financing. With CEXIM now established as an aviation capital provider on international cross-border transactions, other financiers are faced with a new major global competitor. The transaction involved a cross-collateralised structure and a set of finance and security documentation under English law, Irish Law, PRC law, and the laws of the Republic of Korea.

Ince & Co acted as lead transaction counsel, representing CEXIM with a multi-jurisdictional team led by structured asset finance partner, Balbir Bindra (Picture) in Hong Kong with Linda Chung, Joanna Au and Vincent Zhang together with partner Will Cooper and Amy O’Connor and Lisa Howie in London.

 

Involved fees earner: Balbir Bindra – Ince & Co; Linda Chung – Ince & Co; Joanna Au – Ince & Co; Will Cooper – Ince & Co; Lisa Howie – Ince & Co; Amy O’Connor – Ince & Co;

Law Firms: Ince & Co;

Clients: Export-Import Bank of China;

 

Author: Michael Patrini