Hughes Hubbard & Reed | Steven Chung | Hughes Hubbard Aviation…

Steven I. Chung is Deputy Chair of Hughes Hubbard & Reed, Chair of the firm's Aviation Finance Group, Co-Head of the Corporate and Finance Group, and a member of the firm's Executive Committee.

Steven represents sponsors, lenders, export credit agencies and commercial banks in connection with a broad spectrum of international financial and corporate transactions, including acquisitions, joint ventures, domestic and cross-border secured and unsecured financings, leveraged leasing, structured financings, restructurings and credit enhancements in the US, Caribbean, South America, Asia and Europe. He has extensive experience in a wide variety of aircraft and other structured equipment financings, including representing clients in aircraft acquisitions and dispositions; domestic and cross-border leveraged lease transactions; aircraft portfolio securitizations (ABS); the issuance of enhanced equipment trust certificates (EETCs); syndicated credit facilities; pre-delivery payment and warehouse facilities; and joint venture transactions. He has worked on many of the most important financings involving aircraft, including the first 144A/Reg. S offering of ABS notes after the 2008 financial crisis and the first non-US airline enhanced equipment trust certificate (EETC) involving Cape Town Alternative A. Many of his deals have won "Deal of the Year" awards from leading industry publications including Airfinance Journal and Airline Economics.

Steven also represents sponsors, lenders, export credit agencies, commercial banks and equipment suppliers in connection with complex domestic and international financing arrangements, joint ventures, equity investments and restructurings, including securitizations, secured and unsecured lending, cross-border financings, structured financings, bankruptcies and workouts for capital intensive infrastructure, energy, telecoms, satellite and transportation projects, including fixed-line and wireless telecom installations, container terminal facilities and power facilities in the US, Caribbean, South America, Asia and Europe.

“Clients say Steven is 'super accessible and very detail-oriented...He really knows the guts of a deal.” -Chambers USA

Recognitions

Mr. Chung is consistently ranked in the "Band 1" tier and as “Leading Lawyer” of Aviation Finance lawyers in Chambers USA and Legal 500 USA. He is listed as a “Global Market Leader” in Asset Finance and Leasing by Chambers Global. He is also listed in Chambers Latin America, the Guide to the World’s Leading Aviation Lawyers and The International Who’s Who of Aviation Lawyers and Super Lawyers.

Highlighted Lectures

Mr. Chung has lectured widely on the subject of aircraft financing and leasing and has been published on numerous occasions in Airfinance Journal amongst others.

Panel Discussion, "Thunderbolt II," Airline Economics Growth Frontiers Conference, New York
Panel Discussion, “Case Study: Blackbird ABS Prices with Lowest Ever Coupon," 19th Annual Global Airfinance Conference, Dublin, Ireland
Co-chair, "Aircraft Finance and Leasing," Second National Forum of the American Conference Institute, New York
Panel Discussion, “Market Outlook for Second Half of 2013 and Beyond: Capital Markets, EETCs, PDP Financing, Aircraft Valuations, Emerging Markets, and More,” Second National Forum of the American Conference Institute, New York
Panel Discussion, "Anatomy of a Deal: The Pre-Funded Ex-Im Bond," American Bar Association (ABA) Aircraft Financing Subcommittee 2013 Spring Meeting, Washington, DC
Panel Discussion, "Structuring a Capital Markets Deal: EETC Transactions for Foreign & Domestic Carriers," The Aircraft Registry Forum for General & Commercial Aviation, Scottsdale, AZ
"The Outlook for Aircraft and Engine Finance," UMB Aviation: Aircraft & Engine Finance & Leasing Americas Conference, Las Vegas
Panel Discussion, "EETC Financing," ABA Aircraft Financing Subcommittee 2012 Spring Meeting, Las Vegas
"Market Outlook for 2011 and Beyond: Capital Markets, EETCs, Pre-Delivery Payment Financing, Aircraft Valuations, Emerging Markets and More," American Conference Institute's Forum on Aircraft Finance & Leasing: Identifying and Obtaining New Sources of Financing and Ensuring a Competitive Advantage in an Evolving Market, New York

Highlighted Matters

Representation of Griffin Global Asset Management in connection with a $400 million senior unsecured notes offering
Representation of Griffin Global Asset Management in a senior unsecured notes offering and subsequent add-on totaling $700 million
Representation of Griffin Global Asset Management and Bain Capital Special Situations in connection with the acquisition of 17 new technology Rolls-Royce Engines. This transaction was the Ishka Global Best European Deal 2023
Representation of Griffin Global Asset Management Holdings in connection with a three-year, $525 million unsecured revolving credit facility
Representation of Griffin Global Asset Management $1 billion senior unsecured notes offering
Representation of Griffin Global Asset Management and Bain Capital Credit in their investment in Arajet, the “flag carrier” of the Dominican Republic
Representation of Hawaiian Airlines Inc. in connection with a $262 million offering of enhanced equipment trust certificates (EETC) secured by eight Airbus aircraft
Representation of MUFG Union Bank as liquidity facility provider for a $485 million asset-backed securitization (ABS) for Irish aircraft lessor BBAM Aviation Services. Citi, Credit Suisse and Mizuho acted as joint lead structuring agents and joint lead bookrunners for the transaction – Horizon Aircraft Finance II (Horizon 2019-1) which is supported by a fleet of 20 narrow-body aircraft
Representation of Mizuho Securities USA in a $529 million asset-backed securitization for Irish aircraft lessor Goshawk Aviation
Representation of UMB Bank as trustee for an $867.6 million aircraft asset-backed securitization (ABS) by Castlelake, an investment firm specializing in aircraft
Representation of BNP Paribas Securities Corp. in connection with a $189 million aircraft asset-backed securitization (ABS) for Vx Capital Partners, a cargo aircraft management and leasing firm
Representation of Bank of America Merrill Lynch, DekaBank, Deutsche Girozentrale Standard Chartered Bank and Sumitomo Mitsui Banking Corp. in connection with a $620.9 million senior loan financing for Delta Air Lines Inc.
Representation of Hawaiian Airlines Inc. in connection with a $235 million revolving credit and letter of credit facility provided by a syndicate of banks
Representation of Bank of America as facility agent, structuring agent and joint lead arranger in connection with a $300 million aircraft warehouse facility for a new joint venture leasing vehicle established by Elliot Management and SkyWorks Leasing, an aircraft management services company
Representation of Citigroup in connection with a $911 million aircraft asset-backed securitization (ABS) by Castlelake, an investment firm specializing in aircraft
Representation of Wells Fargo Bank as trustee in connection with a $608 million asset-backed securitization (ABS) for business aircraft financial solutions firm Global Jet Capital
Representation of Air Lease Corporation in connection with a $555 million asset-backed securitization (ABS) that launched Air Lease’s Thunderbolt II platform
Representation of Wells Fargo Securities LLC as security trustee, trustee and operating bank in connection with a $585 million asset-backed securitization (ABS) for a joint venture between World Star Aviation and Oaktree Capital Management
Representation of Wells Fargo Securities LLC as sole structuring agent and joint bookrunner in connection with a $768 million asset-backed securitization for Sapphire Aviation Finance I, to be serviced by international aircraft leasing firm Avolon
Representation of a syndicate of lenders, including BNP Paribas, Citigroup Global Markets and Credit Suisse as joint lead structuring agents and joint mandated lead arrangers, in connection with a $475 million secured financing for Peregrine Aviation Limited, a joint venture between Aercap Holdings, an aircraft leasing company, and NCB Capital
Representation of Wells Fargo Bank N.A. as security trustee and operating bank in connection with METAL 2017-1, the debut $605.5 million asset backed securitization (ABS) for Dublin aircraft leasing company, Aergo Capital, to finance the purchase of 26 aircraft
Representation of AerGen Aviation Finance Limited as servicer and Harbour Aircraft Investments Limited as borrower in connection with a $579.8 million asset-backed securitization
Representation of Air Lease Corporation ("ALC") and the issuers in connection with a $344.7 million offering that launched ALC's Thunderbolt platform
Representation of Tennenbaum Capital Partners LLC in a $100 million engine financing facility to Mesa Air Group Inc., a regional airline
Representation of Burnham Sterling & Co. as transaction initiator in connection with approximately $157 million in loans to Avianca
Representation of aircraft lessor Blackbird Capital I in an $800 million aircraft lease ABS securitization, the proceeds of which will be used by Blackbird to acquire a portfolio of 19 aircraft serviced by Air Lease Corporation
Representation of Wells Fargo Securities LLC as arranger and Wells Fargo Bank N.A. as agent and lender in connection with a $500 million secured loan to a special-purpose subsidiary of Avolon Aerospace Leasing Limited, an international aircraft leasing company based in Ireland
Representation of Wells Fargo Bank as trustee and security trustee in connection with a $916 million aircraft securitization by Castlelake, an investment firm specializing in aircraft
Representation of Stratos LP and Aergen Aviation Finance Ltd. (Aergen) as originator and servicer in a $324.7 million aircraft lease securitization for Harbour Aircraft Investments Ltd. 2016-1 (Harbour). Deutsche Bank and Goldman Sachs acted as joint lead arrangers and initial lenders. DVB Bank SE acted as liquidity provider
Representation of a group of lenders in connection with approximately $450 million in loans to Delta Air Lines Inc.
Representation of Stratos L.P., a financial advisory firm specializing in aircraft leasing and financing, in implementing a $300 million warehouse facility for the purpose of financing or refinancing the acquisition of Airbus or Boeing narrow-body passenger aircraft by AerGen Aviation Finance Limited, a full-service aircraft leasing company based in Ireland
Representation of Hawaiian Airlines in connection with the sale and leaseback of three Airbus A330-200 aircraft from Jackson Square Aviation, a full-service aircraft leasing company based in San Francisco
Representation of a consortium of banks as joint bookrunners in a $1.21 billion debt offering of ECAF 1 Series 2015-1 notes issued by Canadian equipment finance company Element Financial. The offering was comprised of three tranches of asset-backed securities (ABS) notes secured by a portfolio of commercial passenger aircraft(2015 Airfinance Journal “North American Deal of the Year”)
Representation of Wells Fargo Securities LLC in connection with the issuance of $260.75 million in notes by Diamond Head Aviation backed by a diverse portfolio of 30 aircraft and the related leases
Representation of Wells Fargo Bank as trustee and security trustee in connection with Castlelake Aircraft Securitization Trust 2015-1 (CLAS 2015-1), a $713 million aircraft securitization by Castlelake, an investment firm specializing in aircraft
Representation of Wells Fargo Bank NA as trustee, operating bank and security trustee in a $667 million aircraft ABS for Deucalion Ltd., an aviation investment vehicle managed by DVB Bank SE (2015 Airfinance Journal "Europe Deal of the Year")
Representation of BNP Paribas as sole financial advisor, sole arranger and liquidity provider in a $583 million aircraft lease securitization involving a portfolio of aircraft purchased from affiliates of Guggenheim Aviation Partners, an investment firm specializing in aircraft
Representation of Wells Fargo Bank N.A. as facility agent and security trustee in a $515.6 million aircraft lease securitization for Castlelake, an investment firm specializing in aircraft. Goldman Sachs acted as the sole lead arranger, structuring agent and liquidity provider (2014 Airfinance Journal “Innovative Deal of the Year”)
Representation of Air Lease Corp. and asset management company Napier Park Global Capital in the formation and financing of a $2 billion joint venture aircraft leasing company, Blackbird Capital I LLC (2014 Airfinance Journal “Editor’s Deal of the Year”)
Representation of Tennenbaum Capital Partners LLC and various of its managed funds that beneficially own five Boeing 767 aircraft on lease to United Airlines in the long-term extension of the leases
Representation of Azul Linhas Aéreas Brasileiras in a sale and short-term leaseback transaction with a Jetscape Commercial Jets Ltd. affiliate involving five Embraer ERJ 175 aircraft valued at $80 million
Representation of Tennenbaum Capital Partners LLC as lender in connection with a $50 million senior secured loan facility for Essex Ocean LLC for the acquisition of specialized heavy equipment for lease
Representation of Wells Fargo Securities LLC as structuring agent and joint bookrunner in connection with a $636.21 million aircraft lease securitization issued by Emerald Aviation Finance Ltd., which was sponsored by Avolon (2013 Airfinance Journal “Europe Deal of the Year”)
Representation of Hawaiian Airlines Inc. in connection with a $444.54 million EETC offering with Citigroup as sole structuring agent and Citigroup, Goldman Sachs Group Inc. and Morgan Stanley as joint bookrunners
Representation of Air Lease Corp. in connection with a $76.53 million Export-Import Bank of the United States (EXIM)-guaranteed bond issuance by Alex Alpha LLC
Representation of Ansett Worldwide Aviation Services (AWAS) in connection with a $224.25 million financing to Cayman Aviation Holdings Ltd., which was arranged by Crédit Agricole Corporate and Investment Bank
Representation of Wells Fargo in connection with a newly formed aircraft leasing joint venture with Avolon Aerospace Leasing Ltd. (2012 Airfinance Journal "Equity Deal of the Year")
Representation of Goldman Sachs Group Inc. as sole structuring agent and sole bookrunner in connection with a $587.5 million EETC offering by Doric Nimrod Air Finance Alpha Ltd. in respect of four A380 aircraft on lease to Emirates (2012 Airfinance Journal "Innovative Deal of the Year")
Representation of Goldman Sachs as arranger in connection with Guggenheim Partners’ purchase of $1 billion worth of aviation loans from AerCap Holdings N.V. (2012 Airfinance Journal “Capital Markets Deal of the Year”)
Representation of ALC Maillot Jaune Borrower LLC, a wholly owned subsidiary of Air Lease Corp., in connection with a $192.79 million financing arranged by Crédit Agricole Corporate and Investment Bank
Representation of Wells Fargo Securities LLC and Norddeutsche Landesbank Girozentrale as joint lead arrangers in connection with an approximately $320 million senior secured financing for AWAS Aviation Leasing 2012-I Ltd., a subsidiary of AWAS Aviation Capital Ltd.
Representation of KKR Capital Markets LLC as arranger in connection with a $42 million subordinated secured financing for Skyfunding Ltd. The financing was guaranteed by AerCap Holdings NV and AerCap Ireland Ltd.
Representation of Goldman Sachs Lending Partners LLC as lender and syndication agent in connection with a $60 million secured financing for Avolon Investments Sàrl, guaranteed by Avolon Aerospace Ltd. and Avolon Aerospace Leasing Ltd.
Representation of Vx Capital Partners LLC in connection with a $20.82 million financing from CIT Bank
Representation of the EXIM in connection with a $158 million direct loan for SES SA to support the export of a Ku-band broadcast satellite by Space Systems/Loral. The financing was fully guaranteed by SES Global Americas Holdings GP. The financing also covered launch insurance from Aon Corp.
Representation of Tennenbaum Capital Partners LLC in connection with the acquisition and back-leveraging of certain Boeing 767 aircraft on lease to United Airlines Inc.
Representation of Goldman Sachs Lending Partners LLC and Crédit Agricole Corporate and Investment Bank as joint lead arrangers in connection with a $530 million secured financing for AWAS Finance Luxembourg Sàrl, guaranteed by AWAS Aviation Capital Ltd.
Representation of Bank of America Securities LLC and Goldman Sachs Lending Partners LLC, as joint lead arrangers in connection with the $1.3 billion secured financing for International Lease Finance Corp.
Representation of Tennenbaum Capital Partners LLC in connection with the purchase and leaseback of certain Boeing 757 aircraft to United Airlines Inc.
Representation of Citibank NA, Singapore Branch, in connection with a $259.9 million financing for BOC Aviation Pte. Ltd., guaranteed by EXIM
Representation of Citibank NA in connection with a $438.77 million financing for Dubai Aerospace Enterprise Ltd., guaranteed by EXIM
Representation of Citibank NA in connection with a $213.69 million financing for GOL Linhas Aéreas Inteligentes SA, guaranteed by EXIM
Representation of Goldman Sachs Group Inc. and Citibank NA as placement agent in connection with a $175 million senior secured note issuance by United Airlines Inc.
Representation of Brasif Overseas Holding Ltd. in connection with the sale-leaseback of a corporate jet with Banco Itaú BBA SA
Representation of Boeing Capital Loan Corp. in connection with a $990 million financing for Delta Air Lines Inc.
Representation of certain bondholders of Motors Liquidation Co. (Old GM) in connection with the restructuring of certain leveraged lease transactions
Representation of Goldman Sachs Group Inc. as placement agent in connection with a $400 million senior secured note issuance by Southwest Airlines Co.
Representation of J. Aron & Co. as counterparty in connection with certain amendments to its International Swaps and Derivatives Association Master Agreement with Southwest Airlines Co.
Representation of America International Group Inc. in connection with its proposed sale of International Lease Finance Corp.
Representation of AerCap Holdings NV in connection with a $1 billion note issuance by Aircraft Lease Securitisation II Ltd. in connection with the sale to Aircraft Lease Securitisation II Ltd. by AerCap Holdings NV (June 2008)
Representation of Calyon and PK AirFinance US Inc. in connection with a $530 million financing for Delta Air Lines Inc.
Representation of UBS Investment Bank in connection with a $1.09 billion note issuance by Airspeed Ltd. in connection with the sale to Airspeed Ltd. by RBS Aerospace Ltd. of 36 aircraft on lease to 23 lessees based in 16 countries
Representation of Inter-American Development Bank in connection with a partial credit guarantee of a Reais financing by Banco Itaú BBA SA to Brazilian power company Energisa SA in an amount up to $200 million
Financing to Oceanic Digital Jamaica Ltd. (April 2007)
Representation of Reliance Energy Ltd. in connection with its $150 million note issuance
Representation of ProtoStar I Ltd. in connection with its $160 million issuance of senior secured convertible notes
Representation of the Goldman Sachs Group Inc. and Macquarie Bank Ltd. in connection with its proposed purchase of certain container terminal facilities
Representation of Macquarie Bank Ltd. in connection with its proposed purchase of certain container terminal facilities
Representation of PSA International Pte Ltd. in connection with its proposed investment in certain container terminal facilities
Representation of General Electric Capital Corp. in connection with the restructuring and cross-collateralization of various aircraft, engines and spare parts facilities for Delta Air Lines Inc.
Representation of Bank of America Securities LLC in connection with the refinancing of $270 million of floating rate senior certificates for Nemak SA, a Mexican manufacturer of automobile parts
Representation of Aircastle Ireland No. 2 Ltd., an Irish private limited liability company, in connection with a $110.2 million senior secured credit facility provided by Citibank NA in connection with the purchase of certain aircraft through Utah trusts
Representation of a steering committee of lenders and bondholders, including Citibank NA, in connection with a restructuring of $571 million of debt of Light Serviços Eletricidade SA (Light), the electricity distribution utility that serves over 3.3 million customers in Rio de Janeiro and its suburbs, which is majority-owned by Electricité de France (EDF), the French government-owned national utility
Representation of Cyrus Opportunities Master Fund II Ltd., a Cayman Islands company in connection with its investment in Federal Power Avenal LLC, a Delaware limited liability company
Representation of Export Development Canada and EXIM in a $750 million financing of telecom equipment purchases by Reliance Infocomm Ltd. from Lucent Technologies, Nortel Networks and other suppliers in order to establish and operate unified access (basic and cellular) telephone services in 21 India telecom circles, national long distance services and international long distance services. The transaction also involved the creation of intercreditor arrangements with over 20 Indian and offshore commercial banks
Representation of US and Colombian facility lenders in the $337 million restructuring of the US dollar and Colombian peso facilities of BellSouth Colombia SA, a wireless telecommunications provider in Colombia
Representation of Inter-American Development Bank in the $30 million secured financing of Oceanic Digital Jamaica Ltd., a wireless telecommunications provider in Jamaica
Representation of Enel North America in its proposed acquisition of certain California geothermal facilities
Representation of Citibank NA as lender and Citigroup Global Markets Inc. as joint lead arranger in negotiating and structuring a $156 million financing consisting of a multitranche US dollar bank facility and a Jamaican dollar bond offering for Jamaican wireless operator Mossel (Jamaica) Ltd. (operating as Digicel). The financing was used by Digicel for Phase VI of its network buildout with equipment supplied by Ericsson AB, as well as to refinance certain existing indebtedness
Representation of Tele Norte Leste Participações SA in connection with a $250 million second untied loan from Japan Bank for International Cooperation
Representation of Tele Norte Leste Participações SA and TNL PCS SA in connection with its refinancing of over $300 million of the vendor portion of the $1.43 billion note purchase facility with insurance for political and/or commercial risk from Coface, Finnvera and Hermes
Representation of ABN AMRO Bank NV in connection with an unsecured $100 million financing of Sercotel SA de CV which was fully guaranteed by its parent América Móvil SA
Representation of joint lead arrangers in a US dollar and Venezuelan bolivar secured financing to Corporación Digitel CA, a Venezuelan mobile operator majority-owned by Telecom Italia Mobile SpA, in a multitranche facility for up to $515 million(2002 Latin American Lawyer Deal of the Year and also the largest telecommunications financing in Latin America for 2002)
Representation of Tele Norte Leste Participações SA and TNL PCS SA in connection with a $1.43 billion secured financing to finance its equipment purchases from Nokia, Siemens and Alcatel for the buildout of a new PCS wireless network throughout most of Brazil (2001 Latin American Lawyer Deal of the Year and also the largest telecommunications financing in Latin America for 2001)

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