TrueNoord has secured a new revolving warehouse finance facility of US$360 million with an uncommitted US$150 million feature. This will be used by the specialist regional aircraft lessor to finance business development and expand its portfolio of 50-150 seat aircraft, which includes regional jets and turboprops from Embraer, ATR and De Havilland Canada.
The new facility is underwritten by Citibank, Societe Generale Corporate & Investment Banking and Royal Bank of Canada – and it supports TrueNoord’s targeted growth strategy, which is endorsed by its cornerstone investors Brega/Freshstream, BlackRock and Aberdeen Standard. Citibank will act as agent and security trustee under the facility. Legal advisers Milbank acted for TrueNoord and Clifford Chance represented the banks.
“These three banks further augment the strong group of financiers and investors that are supporting TrueNoord’s dynamic growth,” stated Anne-Bart Tieleman, TrueNoord CEO.
“This revolving warehouse facility provides us with additional flexibility as we source and supply new and used regional aircraft for our customers,” he said.
The past 12 months have seen substantial growth of TrueNoord’s portfolio and recently its global footprint has expanded to encompass Republic Airways in North America. “Our team is working on a multiplicity of opportunities with regional aircraft operators which will be supported by this new warehouse facility. We are very proud to have earned such healthy financier confidence,” said Tieleman.
TrueNoord specialises in providing aircraft in the 50-150 seat class to customers within the regional market and is currently one of the leading players in developing the market within Asia, which is currently seeing significant fleet expansion across the region.