Greensill Capital Structures Norwegian Max 8 Deals

25th September, 2017

Olivier Bonnassies, Airfinance Journal

Greensill Capital has structured the purchase of six Boeing 737 Max 8 aircraft on behalf of Arctic Aviation Assets.

The UK‐based company says it teamed up with Norwegian, Boeing and insurance broker and risk adviser Marsh to put together a “capital markets‐based funding structure using nonpayment insurance and global investors to increase aircraft financing availability.”

Norwegian is the first airline to use the aircraft finance structure for the purchase of Max 8 aircraft between June and August 2017.

Lex Greensill, founder and chief executive officer of Greensill Capital, says, “Greensill’s ability to integrate capital, technology and expertise to deliver the right solution for each of our clients is at the core of everything we do. Our team launched this product in six weeks enabling Norwegian Air Shuttle to expand its fleet in record time.”

The deal is the result of Marsh’s Aircraft Finance Insurance Consortium (AFIC), a nonpayment insurance product designed for banks and capital markets investors that are funding new aircraft purchases from Boeing.

AFIC provides an alternative aircraft finance insurance product for new aircraft deliveries and is underwritten by four leading global insurance companies: Allianz, AXIS Capital, Sompo International and Fidelis.

“This capital markets‐backed approach allowed us to continue our ambitious expansion plans while keeping a tight rein on the balance sheet. This new approach is clearly a boost for the future of aircraft financing,” says Norwegian’s head of aircraft finance, Thomas Wellén.

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