O’Melveny Represents Goshawk on First Unsecured Issuance

August 09, 2016


LONDON — August 9, 2016 — O’Melveny served as legal counsel to Goshawk Aviation Limited on its first issuance of unsecured notes worth US$231 million. Proceeds from the Notes will be used by Goshawk for aircraft acquisitions and general corporate purposes. The deal follows O’Melveny’s representation of Goshawk on its US$345 million unsecured RCF, which closed in June 2016.

The O’Melveny team was led by partners Andrew Weiler and Sherri Snelson.

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Emily Lattal

Goshawk Aviation Limited issued the following release:

Goshawk Debuts with Its First Unsecured Issuance

AUGUST 5TH, 2016

Goshawk Aviation Limited (“Goshawk”) has completed its first issuance of unsecured notes to institutional investors in the US market. The deal was launched as a USD 200 million senior notes issuance (“Notes”). Market demand was close to USD 300 million and the final issuance was USD 231 million, split between 5 year and 7 year tenors. The pricing of the transaction was completed at the end of June, immediately post the UK Brexit referendum. Proceeds from the Notes will be used for aircraft acquisitions and general corporate purposes.

The joint lead agents were Citibank, Natixis and HSBC Bank plc. Crédit Agricole CIB was a co-lead agent. O’Melveny & Myers LLP acted as Goshawk’s legal counsel while Greenberg Traurig Maher LLP acted as the investors’ legal counsel.

Anand Ramachandran, CFO of Goshawk, says “We are pleased to have followed the recent closing of our $345m unsecured bank RCF with a successful debut unsecured capital markets issuance. This provides Goshawk with another diversified source of capital and this support from US institutional investors is a strong endorsement of the progress the company has made in less than 3 years.”

Goshawk was established in November 2013 as an aircraft leasing platform to focus on building an asset portfolio of young, new technology, in-production aircraft with a large and diversified asset-type and operator base. With support from its principal shareholders, Chow Tai Fook Enterprises Limited, NWS Holdings Limited and Investec Bank plc, the Goshawk portfolio has grown to 71 delivered aircraft since inception. Together with the planned aircraft in the pipeline, the total asset value of Goshawk is estimated at approximately USD4 billion.

Chow Tai Fook Enterprises Limited
Chow Tai Fook Enterprises Ltd. (“CTFE”) is a private Hong Kong-based holding company owned and controlled by Dato’ Dr. Cheng Yu Tung and family. CTFE is the parent company of New World Development Company Limited. (Hong Kong stock code: 17), a listed blue chip conglomerate in Hong Kong. The principal activities of the CTFE group of companies include investment holdings, property development and investment, hospitality services, infrastructure, department stores, jewelries and other consumer and retail businesses.

NWS Holdings Limited

NWS Holdings Limited (“NWS Holdings”, Hong Kong stock code: 659), the infrastructure and service flagship of New World Development Company Limited, operates businesses in Hong Kong, Mainland China and Macau. Its Infrastructure portfolio includes Roads, Environment, Logistics and Aviation projects. Its Services portfolio comprises Facilities Management (the management of Hong Kong Convention and Exhibition Centre and Free Duty), Construction & Transport (construction, bus and ferry services) and Strategic Investments.

Investec Bank plc
Investec is an international specialist bank and asset manager that provides a diverse range of financial products and services to a niche client base in two principal markets, the United Kingdom and South Africa, as well as certain other countries. The group was established in 1974 and currently has approximately 8,200 employees. In July 2002, the Investec group implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. The combined group’s current market capitalisation is approximately GBP5.4 billion. Investec has a strong aviation franchise, which provides solutions across a wide product offering to airlines, lessors and investors in the sector. The Investec Aviation Finance team has over USD4.0 billion of aircraft assets under management including its managed equity and debt funds.