TrueNoord adds $360 million financing facility

Darren Wood
By Darren Wood October 31, 2019 13:04

TrueNoord adds $360 million financing facility

Regional aircraft lessor TrueNoord has closed a new revolving warehouse finance facility of $360 million with an uncommitted $150 million accordion feature.

The funds will be used finance business development and expand its portfolio of 50-150 seat aircraft which includes regional jets and turboprops from Embraer, ATR and deHavilland Canada.

The new facility is underwritten by Citibank, Société Générale Corporate & Investment Banking and Royal Bank of Canada – and it supports TrueNoord’s targeted growth strategy which is endorsed by its cornerstone investors Bregal Freshstream, BlackRock and Aberdeen Standard.

Citibank will act as agent and security trustee under the facility. Legal advisers Milbank acted for TrueNoord and Clifford Chance represented the banks.

TrueNoord CEO Anne-Bart Tieleman commented: “These three banks further augment the strong group of financiers and investors that are supporting TrueNoord’s dynamic growth trajectory.

“This revolving warehouse facility provides us with additional flexibility as we source and supply new and used regional aircraft for our customers.

“TrueNoord specialises in providing regional aircraft in the 50–150 seat class to its customers. We understand the complex geographies that need air transport to deliver economic growth and community connections. We are seeing significant fleet expansion in these regions and we plan to capitalise upon this as we pursue our guiding policy to acquire new or relatively young aircraft with long leases.”

Darren Wood
By Darren Wood October 31, 2019 13:04