Hughes Hubbard & Reed provided legal counsel on three transactions that were named 2012 “Deals of the Year” by Airfinance Journal, the leading financial intelligence source for the aviation industry.
The prestigious awards recognize significant and groundbreaking transactions that have tested participants and raised efficient funding for the borrower. According to the magazine, “these deals have each pushed the envelope, either by their size, complexity or their success in execution.” The winners were announced at an awards ceremony in New York on April 22 and in the April edition of Airfinance Journal.
“We are very pleased to be recognized for our efforts in these complex and innovative transactions,” said Steven Chung, the lead Hughes Hubbard partner on the three deals. “It was an honor to have had the opportunity to work with all the parties involved to achieve these milestones.”
In the “Innovative Deal of the Year,” Hughes Hubbard represented Goldman Sachs as bookrunner and structuring agent in a $587.5 million transaction involving Emirates and Doric. This was the first Enhanced Equipment Trust Certificate (EETC) relying on the A380 as collateral, and the first EETC to rely on Cape Town Alternative A rather than Section 1110. Chung and partner John Hoyns worked on the transaction with counsel Andrew Fowler and associates Brian Liu, Arinze Ike, Chris Fickes, Jason Kaplan, Valerie Clark, Christine Lamsvelt and Julie Hanus. Partners Andy Braiterman, Spencer Harrison and counsel Alex Anderson advised on tax and Employee Retirement Income Security Act issues.
In the “Capital Markets Deal of the Year,” Hughes Hubbard assisted Goldman Sachs as arranger in connection with Guggenheim Partners’ purchase of $1 billion worth of aviation loans from AerCap Holdings, one of the largest aircraft leasing companies in the world. The Hughes Hubbard team included Chung, Fowler, Liu, Braiterman, Harrison, Anderson and counsel Jim Delaney.
In the “Equity Deal of the Year,” Hughes Hubbard helped Wells Fargo, one of the nation’s largest banks, launch a new aircraft leasing joint venture with Dublin-based Avolon, an international aircraft leasing firm. In addition to Chung, Braiterman, Anderson, Fickes, Lamsvelt, Liu and Kaplan, the Hughes Hubbard team that worked on this deal included partners Ken Lefkowitz, Chuck Samuelson, Amanda DeBusk, Chris Paparella and associates Robyn Morris, Benjamin Britz, Morgan Feder, David Hoftiezer and Melissa Duffy.
“We are proud to be recognized for our first-class work and commitment to helping our clients reach new heights,” said Hoyns, chair of Hughes Hubbard’s Equipment Finance group. “These awards are a testament to Hughes Hubbard’s position at the forefront of the world’s premier aviation law practice groups.”