SINGAPORE and TIANJIN, China, Sept.
30, 2016 /PRNewswire/ -- The China Air Finance
Development Summit Awards, held in September during the multi-day
China Air Finance Development Summit in the coastal city of
Tianjin, bestowed its Innovation
Award on a €64 million jet-engine leasing deal led by Milbank,
Tweed, Hadley & McCloy LLP Asia Aviation and Asset
Finance Practice Leader Paul Ng.
Mr. Ng, based in Milbank's Singapore office, advised Bank of
Communications Financial Leasing Co. (BOCFL) on the financing of a
six-year lease of four jet engines to Korean Air Lines. The
transaction had the added complexity of being denominated in euros
— the first such euro-denominated lease financing from a
China-based financier. US dollars
are the normal currency for international airline financings. The
deal is worth approximately €64 million.
BOCFL, headquartered in Shanghai, is one of China's three largest leasing companies, with
more than 40 airline clients based in Asia, Europe,
and the Americas.
Mr. Ng said: "Milbank is pleased to be able to demonstrate its
in-depth expertise by delivering on this multidimensional
transaction. Both our client, BOCFL, and Korean Air Lines have
expressed that they are impressed by the speed and efficiency with
which the deal was put together and completed."
Singapore-based Transportation
Group associate Hui Ling Teo also advised BOCFL on the
transaction.
The China Air Finance Summit has become a prestigious gathering
of aviation finance professionals, clients, and media, with the
added cachet of being the site of the China Air Finance Awards,
which were created to recognize the tremendous growth of the
country's aviation finance industry. The awards dinner, a lavish
event hosted by popular Chinese TV personalities, featured remarks
by government and business officials and performances by recognized
Chinese artists.
Milbank's Aviation Practice Group was recognized by
AirFinance Journal for 12 separate "Deals of the
Year." The practice was lauded for playing a pivotal role
on landmark aviation transactions across Asia, the Middle
East, Europe, North America and Latin America.
ABOUT MILBANK
Milbank, Tweed, Hadley & McCloy LLP is a leading
international law firm that provides innovative legal services to
clients around the world. Founded in New
York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong
Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank's lawyers collaborate
across practices and offices to help the world's leading
commercial, financial and industrial enterprises, as well as
institutions, individuals and governments, achieve their strategic
objectives.
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www.milbank.com
More information is available at www.milbank.com/news
From: Jocelyn De Carvalho,
Public Relations Manager; 212-530-5509; jdecarvalho@milbank.com
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SOURCE Milbank, Tweed, Hadley & McCloy LLP