Griffin and Bain’s $1 Billion Senior Secured Warehouse Facility

Hughes Hubbard & Reed LLP acted as U.S. legal advisors to Griffin and the Borrowers, Milbank LLP acted as legal advisors to the Lenders, Maples and Calder (Ireland) LLP acted as Irish legal advisors for the Borrowers, Maples and Calder (Cayman) LLP acted as Cayman Islands legal advisors for the Borrowers, A&L Goodbody LLP acted as Irish legal advisors to Griffin and PWC acted as Irish tax advisors for Griffin and the Borrowers.

Griffin Global Asset Management LLC (Griffin) and Bain Capital Credit, L.P. (Bain) closed a five-year, $1 billion senior secured warehouse facility.

Griffin announced the joint venture closed on the first-of-its-kind aviation finance facility, which includes innovations that provide the borrowers with maximum flexibility to offer its airline partners a variety of financing solutions, ranging from operating leases to finance leases to direct loans across a diverse spectrum of asset types and ages.

The facility also provides more flexibility on concentrations of certain airline exposure than a traditional warehouse facility, providing the joint venture with a powerful bridging tool to long-term capital markets solutions.   

Goldman Sachs acted as the structuring agent for the facility, which includes funding from Goldman Sachs, Barclays, Morgan Stanley, Mizuho, Wells Fargo, Bank of America and Deutsche Bank.

Bain Capital Credit, L.P. is a leading global credit specialist with approximately $48 billion in assets under management as of December 31, 2020.

Formed in 2020, Griffin operates as an aircraft servicer, with operations based initially in Ireland and the U.S. The joint venture is focused on building a diversified aviation portfolio in conjunction with a world-class commercial aviation leasing and alternative asset management platform.

HHR advised Griffin with Terry Sanders (Picture), who led the team, which also included Steve Chung, Alan Kravitz, Michael DeBernardis, Andrew Fowler, Sean Murphy, David Cohen, Justin Cohen, Tyler Grove and Walter Song.

Involved fees earner: David Cohen – Hughes Hubbard & Reed; Justin Cohen – Hughes Hubbard & Reed; Michael DeBernardis – Hughes Hubbard & Reed; Andrew Fowler – Hughes Hubbard & Reed; Tyler Grove – Hughes Hubbard & Reed; Alan Kravitz – Hughes Hubbard & Reed; Sean Murphy – Hughes Hubbard & Reed; Terry Sanders – Hughes Hubbard & Reed; Walter Song – Hughes Hubbard & Reed; Steven Chung – Weil, Gotshal & Manges;

Law Firms: Hughes Hubbard & Reed; Weil, Gotshal & Manges;

Clients: Griffin Global Asset Management;

Author: Martina Bellini