Hogan Lovells has advised long standing client Norwegian Air Shuttle ASA on the establishment of a joint venture (JV) with CCB Leasing Corporation DAC, a wholly-owned subsidiary of China Construction Bank Corporation, to finance, own and lease aircraft that Norwegian has on order.
CCBLI will own a 70 per cent share of the JV and will also provide senior debt financing for the 27 aircrafts that will comprise the JV; Norwegian, through its wholly owned subsidiary Artic Aviation Assets DAC, will own the remaining 30 per cent.
The deal has the potential to cut Norwegian’s committed capital expenditure by approximately US$1.5 billion based on the initial 27 aircraft.
CCB Leasing (International) Corporation Designated Activity Company provides aircraft financing and leasing services.
Norwegian Air Shuttle ASA (OSE: NAS), trading as Norwegian, is a Norwegian low-cost airline and Norway’s largest airline.
The Hogan Lovells team was led by London finance partner Robert Fugard (Picture) and senior associate Anthony Doolittle (Corporate) with support from partner Don McGown (Corporate) and senior associate Russell Green (Finance).
Law Firms: Hogan Lovells;
Clients: Norwegian Air Shuttle ASA;