UMB Agents $1.5B Warehouse Facility for Griffin Global Asset Management

Palisade Aviation Holdings Warehouse, Ltd. and Palisade Aviation Holdings Warehouse, LLC, which were jointly established by Griffin Global Asset Management and funds managed by Bain Capital Credit, signed an amendment, extension and upsizing transaction for its senior secured warehouse facility, which now has a committed amount of $1.5 billion.

The initial facility had $1 billion of capacity and was awarded Airline Economics’ global editor’s deal of the year award for 2021. Among other 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 spectrum of asset types and ages. The facility also provides more flexibility on concentrations of certain airline exposure than a traditional warehouse facility, providing the joint venture with a bridging tool to long-term capital markets solutions.  The facility has a 54-month term as amended.

“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,” John Beekman, CFO of Griffin Global Asset Management, said.

Goldman Sachs acted as the structuring agent for the facility, while UMB Bank is acting as the administrative agent and the security trustee. As part of the amendment, extension and upsizing of the transaction, commitments for the facility were provided by Goldman Sachs, Bank of America, Barclays Bank, Mizuho Americas, Morgan Stanley, PNC Bank, Wells Fargo Bank, Société Générale and Deutsche Bank.

Hughes Hubbard & Reed acted as U.S. legal advisor to Griffin Global Asset Management and the borrowers, Milbank acted as legal advisor to the lenders, Maples and Calder (Ireland) acted as Irish legal advisor for the borrowers, Maples and Calder (Cayman) acted as Cayman Islands legal advisor for the borrowers, A&L Goodbody acted as Irish legal advisor to Griffin Global Asset Management and PWC acted as Irish tax advisor for Griffin Global Asset Management and the borrowers.

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