June 23, 2021 – Once again, a transaction in which Hughes Hubbard served as a legal advisor was named a “Deal of the Year” by Airfinance Journal, the aviation finance industry’s leading publication.

HHR advised on a matter selected as 2020’s “EETC Deal of the Year.” The firm has also been recognized in each of the previous eight years for its role in 15 other transactions named “Deal of the Year.”

The awards recognize a “selection of the best financings of last year by both region and financing structure.” This year’s winners were selected by a judging panel of senior aviation finance executives and revealed during a virtual awards ceremony on June 23.

In the transaction, the firm represented United Airlines in its $3 billion public offering of enhanced equipment trust certificates (EETC) initially secured by substantially all of United’s aircraft spare parts, as well as by a designated group of 99 spare engines and 352 aircraft owned by United.

United used the majority of the proceeds to repay in full $2.75 billion aggregate principal amount outstanding under certain term loan facilities it entered into under HHR’s guidance during the initial stages of the coronavirus pandemic. The Financial Times described the EETC offering, which closed in October, as “the latest in a string of inventive fundraisings as bankers have sought new ways to secure cash for companies hard hit by the pandemic.”

John Hoyns led the HHR team, which also included Mark Denham, Jenny Graham, Emilio Saiz, David Cohen and Nathalie Rey.