CIT Agents $135MM Helicopter Facility for LCI

Helicopter lessor Lease Corporation International (LCI) closed a new asset-backed helicopter facility in excess of $135 million with a syndicate of five banks led by CIT Group as agent.

National Westminster Bank, National Australia Bank, Barclays Bank and The Huntington National Bank also participated in the financing.

The new facility will be used to support the continuing development and expansion of LCI’s fleet.

LCI has also agreed to similar financing facilities this year with CaixaBank and Close Brothers Aviation and Marine. This brings the total amount of helicopter debt financing that LCI has raised since January 2018 to more than $280 million.

Jaspal Jandu, chief financial officer of LCI, commented “We are delighted that LCI’s long-held commitment to strong but balanced growth across multiple markets and sectors has been recognized in this vote of confidence from five major financial institutions. This facility, arranged and closed during a period of major industry realignment, will enable us to pursue the continued growth of our diversely-placed fleet.”

“As long-term financial partners of LCI, we have been consistently impressed by LCI’s strong leasing platform, management and diversified approach to the marketplace, and we are pleased to strengthen our relationship further,” said John P. Heskin, managing director and group head of CIT’s Aerospace, Defence and Government Services Group.

LCI’s fleet, which comprises approximately $1 billion of assets in service, on order and under control, is focused on the latest technology medium and super medium helicopters manufactured by the leading helicopter OEMs including Leonardo, Airbus and Sikorsky. It is the aviation division of the Libra Group.

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