Aircraft Finance
The Equipment Finance Group ("EFG") enjoys a worldwide reputation in aviation finance. The group and its individual attorneys have been recognized by numerous periodicals and other publications for their legal acumen, industry knowledge, practical approach and unparalleled service. The group represents all participants in aviation finance, including several of the world’s largest airlines, export credit agencies, internationally recognized banks and other financial institutions and significant international aircraft operating lessors.
Commercial Finance
The core of Vedder Price’s aviation finance practice is, not surprisingly, our commercial airline finance practice. Attorneys in EFG represent airlines, lessors, lenders, buyers and sellers in a broad variety of transactions. Our experience includes single investor operating leases, secured loans, domestic (U.S.) leveraged leases, cross-border leases and back-leveraged operating leases, warehouse facilities, progress payment facilities, residual value guaranties, purchases and sales of single and multiple aircraft as well as related aviation equipment (such as simulators). We also work with airlines and lessors on long-term agreements such as purchase agreements with the major manufacturers (including manufacturer credit support) and technical agreements such as storage, general maintenance and freighter conversion contracts. Vedder Price attorneys have the flexibility to work on transactions as straightforward as parts sales and as complex as multitranched debt facilities involving private and public funding with third-party credit support (provided by both private and governmental entities) and interest rate and currency derivatives.
Government-Supported Financings
EFG attorneys have considerable experience in connection with export credit financing of aircraft involving export credit agencies ("ECAs") including the Export-Import Bank of the United States and Export Development Canada. Vedder Price acts as counsel for ECAs on a wide variety of aircraft financings involving aircraft exported to airlines in jurisdictions throughout the world. ECA transactions consistently utilize innovative financing structures, including finance leases, tax-motivated leveraged leases, SOARS, mortgages, commercial paper conduits, progress payment facilities and joint-ECA structures. Vedder Price attorneys act for ECAs in credit facilities for leasing companies in addition to airlines. The debt portions of these financings can be provided through permanent private debt placements to banks and other institutional investors as well as public offerings in the form of securitizations.
Portfolio and Company Acquisitions
One of the most important trends in commercial aviation finance in recent years has been the divestiture and acquisition of large portfolios of aircraft, including complete finance divisions and whole companies. The combination of our traditional aviation finance experience with our strengths in related areas, such as mergers and acquisitions, securities and equity fund creation, makes Vedder Price a significant participant in these large-scale transactions. Vedder Price attorneys represent buyers and sellers in many of the largest of these transactions, in addition to the subsequent refinancings and securitizations that often follow the initial acquisition. Our clients include both traditional market participants, such as banks and leasing companies and nontraditional participants including hedge funds and private equity firms.
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