Griffin Global Asset Management Signs Amendment, Extension and Upsizing of Warehouse Facility to $1.5 Billion of Capacity

DUBLIN, Ireland,  Aug.  15, 2022  (GLOBE  NEWSWIRE) --  Griffin  Global  Asset Management DAC and Griffin Global  Asset Management (Servicer) LLC  (together, “Griffin”) announced today that on August 12, 2022 Palisade Aviation  Holdings Warehouse, Ltd. and Palisade Aviation  Holdings Warehouse, LLC (together,  the “Borrowers”), signed an amendment, extension and upsizing transaction for  its senior secured  warehouse  facility,  which  now has  a  committed  amount  of $1,500,000,0000 (the “Facility”).  The initial Facility had $1,000,000,000  of capacity and was  awarded the Airline  Economics Global Editor’s  Deal of  the Year Award for 2021.  Among other innovative  features, the Facility  provides the Borrowers with maximum flexibility to offer its airline partners a variety of financing solutions,  ranging from  operating leases to  finance leases  to direct loans across a diverse spectrum of asset types and ages.  The  Facility is also  unique in  providing more  flexibility on  concentrations of  certain airline exposure than  a traditional warehouse  facility, providing the  joint venture with a powerful bridging tool to long-term capital markets solutions.  The Facility as amended has a 54-month term.

The Borrowers were jointly established by Griffin and  funds managed by  Bain Capital Credit,  L.P.  as  part of  a  joint  venture focused  on  building  a diversified aviation portfolio  in conjunction with  a world-class  commercial aviation leasing and alternative asset management platform.

“We are incredibly  grateful for  the  continued support  from  our  existing lending group,  and the  partnership  from our  new  lenders, as  the  Griffin platform continues to expand. The upsizing and extension of the warehouse will

provide us  with additional  capacity and  flexibility to  deliver  customized capital solutions for our airline customers in this dynamic market,” said John Beekman, Chief Financial Officer of Griffin. 

Goldman Sachs acted as the structuring agent for the Facility.  As part of the amend, extend  and  upsize  transaction, commitments  for  the  facility  were provided by Goldman Sachs,  Bank of America, N.A.,  Barclays Bank PLC,  Mizuho Americas, Morgan Stanley,  PNC Bank, Wells  Fargo Bank, National  Association, Societe Generale and Deutsche Bank AG, New York Branch.

Hughes Hubbard & Reed LLP acted  as U.S.  legal advisors to  Griffin and  the Borrowers, Milbank LLP  acted as  legal advisors  to the  Lenders, Maples  and Calder (Ireland) LLP acted as Irish  legal advisors for the Borrowers,  Maples and Calder (Cayman)  LLP acted  as  Cayman  Islands legal  advisors  for  the Borrowers, A&L Goodbody LLP acted as  Irish legal advisors to Griffin and  PWC acted as Irish tax advisors for Griffin  and the Borrowers. UMB Bank, N.A.  is acting as the administrative agent and the security trustee.

About Griffin Global Asset Management

Griffin is a commercial  aircraft leasing  and alternative  asset  management business with offices in Dublin, Ireland,  Puerto Rico and Los Angeles,  USA.  Griffin’s team of  aviation professionals works  closely with airlines,  OEMs, and financiers to deliver customized fleet solutions and innovative  financing products to airlines globally. For more information, please visit www.griffingam.ie or www.griffingam.com.

About Bain Capital Credit

Bain Capital Credit, L.P. (“Bain Capital Credit”)  (www.baincapitalcredit.com) is a leading global credit specialist with approximately $57 billion in assets under management as of December 31,  2021. Bain Capital Credit invests up  and down the  capital structure  and  across the  spectrum of  credit  strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Its team of more  than 200 professionals  creates value  through  rigorous, independent  analysis  of thousands of corporate issuers around the  world. In addition to credit, Bain Capital Credit invests across asset classes including private equity,  public equity, venture  capital, and  real estate,  and leverages  the firm’s  shared platform to capture opportunities in strategic areas of focus.

Press Inquiries

Lauren Groom
lgroom@griffingam.com