June 25, 2019

ABL Aviation closes unique deal for El Al

Dublin-based ABL Aviation has structured the first-ever Jolco funded with Aircraft Finance Insurance Consortium (AFIC)-supported debt.

The structure provides El Al Israel Airlines with 100% financing for the aircraft with debt provided by a Japanese bank insured by Sompo Japan Nipponkoa Insurance (SJNK), and equity provided by Japanese investors and underwritten by ABL Aviation’s Japanese exclusive partner.

Using this structure, El Al financed a new B-787-9 aircraft that delivered on 18 June.

The transaction was also the first Jolco arranged by ABL Aviation, following signature of a partnership agreement that provides annual capacity of $1.5 billion of Jolco financing with the Japanese partner.

Nishimura & Asahi acted as legal counsel to the lessor, Norton Rose Paris represented the lender and Milbank was AFIC legal counsel.