For the third year in a row, a transaction in which Hughes Hubbard & Reed acted as counsel was named "Deal of the Year" by Airfinance Journal, the aviation industry's leading publication.
Hughes Hubbard advised on a matter selected as 2014's "Editor's Deal of the Year." In the previous two years, the firm has been recognized for its role in five transactions named "Deal of the Year."
The prestigious awards recognize "a selection of the best financings of last year by both region and financing structure." The winners were announced at an awards ceremony in Miami Beach on May 28.
Hughes Hubbard assisted in the formation and financing of a joint venture between Air Lease Corporation and asset management company Napier Park Global Capital to launch a new aircraft leasing company, Blackbird Capital I LLC, in November.
"The Blackbird transaction is one of the largest aircraft leasing joint ventures and demonstrates the tremendous opportunities and evolving nature of the aviation space," Steven Chung, who led the Hughes Hubbard team, told Airfinance Journal.
The publication noted: "One standout feature of the deal is that it was the first of its kind without an ongoing loan-to-value test, but which instead focused on cash-flow coverage."
In addition to Chung, the Hughes Hubbard team included Chuck Samuelson, Andrew Fowler, Melissa Duffy, David Wiltenburg, Chris Fickes, Jason Kaplan, Alastair Macdonald, Erin Diers and Mike DeBernadis.