Aircastle entered into a new $400.5 million term facility secured by 17 aircraft. The facility has a maturity of seven years and includes an accordion feature allowing for $67.5 million in additional future funding. Funding of the facility will take place through several draw-downs, with the first one, for $167.3 million.

The financing was led by BNP Paribas, Credit Agricole and The Bank of Tokyo-Mitsubishi UFJ (London Branch) as joint lead arrangers as well as SGBT Asset Based Funding as arranger and ING Bank and Columbia State Bank as lenders. BNP Paribas also acted as agent and security trustee.

Mike Inglese, Aircastle’s CFO, said, “Following our recent successes in sourcing unsecured debt, this secured financing helps diversify Aircastle’s funding sources as we capitalize on accretive investment opportunities in a disciplined fashion. This deal provides us with attractive financing while building on our strong relationships with several leading aviation finance lenders.”

Aircastle acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of March 31, 2016, Aircastle owned and managed on behalf of its joint ventures 162 aircraft on lease with 53 customers located in 33 countries.