Archive for the ‘News’ Category

Allison Cleghorn 1966-2021

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We are very sad to advise of the death of our dear colleague, friend and shareholder Allison Cleghorn who passed away peacefully at home, surrounded by her family, after a short illness.

Allison, who had been with Magi since inception, was responsible for establishing and managing the invaluable accounting and finance framework that allowed Magi to grow from start-up to established industry player today. She was warm, funny and caring and her loss will be sorely felt amongst all at Magi, but we think especially at this time of Sean and her children Daniel, Ieuan and Carys.

“Nos da a thawel cwsg, Allison. Cymru am Byth.”

“Good night and peaceful sleep, Allison. Wales for ever”

In memory of her loss, Magi is donating to two worthy causes – Pancreatic Cancer UK and the Trussell Trust (a charity very close to Allison’s heart, which fights food poverty and hunger in the UK).

Further information may be found here https://allisoncleghorn.muchloved.com

Magi opens Doha office in Qatar Financial Centre

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Magi Aviation Capital (Magi) has opened a regional office in Doha, Qatar.  Magi Aircraft Management ME LLC is a Qatar Financial Centre (QFC) registered company and will be the focal point for Magi’s origination and aircraft management activities in Qatar and the region.  The office will also focus on the development of aircraft finance and leasing expertise in Qatar, working alongside the QFC and other local partners.

Sean Cleghorn, CEO of Magi, said “This is an exciting step for Magi as we continue to develop our long-standing relationships in Qatar, including the airline, banking and other partners. We are delighted to have this opportunity of working with all our partners and to make a significant contribution towards facilitating growth and opportunities in the local aircraft financing and leasing infrastructure.”

Neil Lewis, COO of Magi and Senior Executive for Magi Aircraft Management ME LLC in Doha, said “Magi and its partners have been working together for some time on the establishment of the office and we are proud to be a pioneer in the aircraft finance hub and the long-term benefits that it will bring to Qatar.”

Henk Hoogendoorn, Managing Director of Financial Sector Office, QFC, also said “We are delighted that Magi has decided to set up the base for its local and regional activities at the QFC here in Qatar.  This is a significant step in the development of this specialist global sector in Doha and the long-term goal of a local centre of excellence and opportunities”.

Airline Economics Growth Frontiers Dublin conference

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Magi Aviation Capital are major sponsors of the “Airline Economics Growth Frontiers Dublin” conference, 19-22 January.

Ishka ‘Investing in Aviation Finance: Germany’ conference

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Magi Aviation Capital is a Partner of the Ishka ‘Investing in Aviation Finance’ conference in Munich, Germany, 26 November 2019. Neil Lewis will be speaking.

Airline Economics Growth Frontiers Hong Kong conference

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Magi Aviation Capital are lead sponsors of the “Airline Economics Growth Frontiers Hong Kong” conference, 4-6 November.

Ishka ‘Aviation Investival North America’ conference

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Magi Aviation Capital is a partner of the “Aviation Investival North America” conference, in New York, 16-17 October 2019.

Airline Economics Growth Frontiers New York conference

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Magi Aviation Capital are lead sponsors of the “Airline Economics Growth Frontiers New York” conference, 16-18 October 2019.

Airline Economics Growth Frontiers Dubai conference

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Magi Aviation Capital are lead sponsors of the “Airline Economics Growth Frontiers” conference, Dubai, United Arab Emirates, 30 September – 2 October 2019, at which Sean Cleghorn will be speaking.

ISTAT EMEA conference

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Magi Aviation Capital are silver sponsors of the ISTAT EMEA conference, in Berlin, Germany, 23-25 September 2019.

Ishka ‘Investing in Aviation Finance: Japan’ conference

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Magi Aviation Capital is a partner of the Ishka ‘Investing in Aviation Finance: Japan’ conference in Tokyo, 12 September 2019.

Role changes at Magi

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Aviation finance specialist and aircraft manager Magi Aviation Capital (Magi) formally announces some role changes and re-designations within its business.

Jason Bewley, who joined Magi in 2015 as Regional Director for airlines and financiers in the Asia Pacific region, has become Executive Vice President & Head of Marketing. He will step up to take leadership of global airline origination and aircraft remarketing, while maintaining his key role in Magi’s active portfolio management.

John Sharman, a co-founder, formerly Chairman and most recently non-executive director of Magi, has retired from the Magi board. John will retain his non-executive chairmanship of Magi’s Korean joint venture aircraft management business MPAM and will also assume the title of Emeritus Advisor to the Magi group.

Peter Vardigans, Executive Chairman of Magi, commented: “Jason has been with Magi since an early stage of its development and we are extremely pleased that, in this newly-designated role, we can continue to benefit from his focused approach to deal origination and his extensive network of industry relationships. This new position reflects both Jason’s achievements to date within Magi and the continued growth of the company.”

Peter also commented: “We are especially grateful for the work and insight that John, as one of its co-founders, has provided since Magi’s inception. John’s early vision is a key reason why Magi is a leading player in the Korean and global aircraft investor market, and we are very pleased John will retain his links with the group through MPAM and in an advisory capacity.”

Jelena Stefanovic joins Magi as new senior team member

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Aviation finance specialist and aircraft manager Magi Aviation Capital (Magi) is pleased to announce that Jelena Stefanovic will be joining Magi in their London head office from June 2019.

Jelena has worked with distinction in the aircraft finance industry and brings market-leading analytical skills, highly developed experience in both structuring and execution and a comprehensive background in innovative finance structures.

With over 18 years’ experience in the asset and aviation financing & leasing sector, Jelena joins Magi after her most recent role as Managing Partner for Doric Partners LLP in London, where she was the head of financial analysis for aviation and real estate, whilst managing the structuring and execution of aviation investments. Prior to Doric, she covered tax-based leasing and structured finance transactions at Citigroup asset finance.

Sean Cleghorn, Chief Executive Officer at Magi said: “Jelena is joining us at a time where her skills will help enormously in growing Magi’s business. We are delighted that she has chosen to join us. The Magi team and business is entering an exciting stage of development and we are sure Jelena will make a great contribution.”

Airline Economics Growth Frontiers Korea conference

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Magi Aviation Capital are lead sponsors of the “Airline Economics Growth Frontiers” conference, Seoul, Korea, 19-20 March 2019.

Airline Economics Growth Frontiers Dublin conference

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Magi Aviation Capital are major sponsors of the ‘Airline Economics Growth Frontiers Dublin’ conference, Dublin, Ireland, 20-23 January 2019.

Magi boosts technical expertise

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Aviation finance specialist and aircraft manager Magi Aviation Capital (Magi) is pleased to announce that Scott Kachad has joined Magi as Director – Technical.

Scott is an international technical and asset management specialist with over 35 years’ experience in this field with OEMs, airlines and lessors. His latest role has been with PWC Australia managing the technical and commercial disposal of aircraft and components for the MAS creditor group. Prior to this he was Manager Commercial, Contracts and Asset Management at Virgin Australia where he was responsible for managing engineering maintenance contracts, lessor contracts and new aircraft inductions and disposals. In this role he was also the Part 42 Responsible Manager Compliance for maintenance and aeronautical material sourcing.

Scott began his career with the Douglas Aircraft Company/Boeing Company where he spent 13 years as a field service engineer and latterly Sales Director with a range of international postings in Europe, Asia and North America. His aircraft type experience includes Airbus, Boeing, ATR as well as military aircraft. Scott also brings, alongside his excellent technical credentials, a strong network of OEM, MRO, airline and lessor relationships.

Sean Cleghorn, Partner at Magi said: “We are delighted that Scott has chosen to join the growing team and business at Magi. Scott brings not only a comprehensive technical and engineering skillset but also the critical ability to recognise the commercial and financial importance of this vital part of our business. As Magi continues its development, Scott will play a vital role in that pathway.”

Airline Economics Growth Frontiers London Conference

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Magi Aviation Capital are lead sponsors of the “Airline Economics Growth Frontiers London Conference” London, 6 December 2018.

Ishka ‘Investing in Aviation Finance: Frankfurt’ conference

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Magi Aviation Capital is a Partner of the Ishka ‘Investing in Aviation Finance’ conference in Frankfurt, 13-14 November 2018, at which both Peter Vardigans and Fraser Chestney will be speaking.

Airline Economics Growth Frontiers Hong Kong Conference

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Magi Aviation Capital are major sponsors of the “Airline Economics Growth Frontiers Hong Kong Conference” Hong Kong, 29-31 October 2018.

Magi welcomes Fraser Chestney as new senior team member

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London-based aviation finance specialist and aircraft manager Magi Aviation Capital (Magi) is pleased to announce that Fraser Chestney will be joining Magi from September 2018.

Fraser is an international aircraft financier and lessor with a proven track record in the structured finance market. He has over 24 years’ experience in the aviation financing and leasing sector, as financier and lessor, with NatWest, Banca Intesa, Lloyds TSB and SMBC. Most recently he was Managing Partner in London for Doric Partners LLP, where he was Head of Origination. He brings with him a deep knowledge of investors and their requirements, a comprehensive understanding of key negotiation and execution issues in aircraft finance transactions as well as a strong network of airline, lessor and bank relationships.

Peter Vardigans, Partner at Magi said: “We are delighted that Fraser has chosen to join the growing team and business at Magi. Fraser brings core skills and relationships to Magi which, we are confident, will further enable the company to move forward to its next and exciting stage of development.”

Magi Aviation Capital arranges sale & leaseback of two more B777-300ER aircraft with Qatar Airways

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London-based aviation finance specialist and aircraft manager Magi Aviation Capital (Magi) has arranged the sale and leaseback of two B777-300ER with Qatar Airways. Following these latest deals Magi has now arranged a total of seven sale and leasebacks of the type for Qatar Airways.

Korean institutional investors arranged by KTB Investment & Securities provided the equity and mezzanine funding. Senior debt was arranged by Australia and New Zealand Banking Group Ltd (ANZ) and provided by ANZ, IBJ Leasing and NEC Capital. ANZ also acts as Facility and Security Agent.

Magi will act as servicer and lease administrator for the aircraft, bringing to seven the total number of aircraft managed in its all-widebody fleet with an asset value in excess of USD1.2bn.

English legal counsel for Magi was Vedder Price (London); Korean counsel was Yulchon (Seoul). Cayman Islands counsel was Walkers. Clifford Chance (Singapore) acted on behalf of the senior lenders.

Sean Cleghorn, Partner at Magi said: “This transaction represented a great opportunity for us to continue our excellent track record in Korea, whilst growing our strong relationship with one of the world’s leading airlines, Qatar Airways. We are also delighted that our continued partnership with the highly professional and innovative team at ANZ has contributed to an important transaction for all parties”.

Magi Partners announces rebrand, name change and new website

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Magi Partners, the aircraft finance and leasing specialist, has today unveiled its new corporate identity and website. Effective 20 September the company name is changed to Magi Aviation Capital Limited.

Peter Vardigans, Co-founder and Partner said “The new name better represents where we are today and makes clearer our business focus and Magi’s role in the aviation industry. We believe that this will resonate with our existing and future clients as our company continues to grow and evolve as an originator and manager. Just three years after closing our first deal as Magi Partners, we believe we have established our reputation with a track record of delivery by our highly experienced team. We look forward to further developing our origination, structuring and aircraft management capability through the provision of innovative finance and leasing solutions to the global aviation community.”

Magi Partners arranges sale & leaseback of four B777-300ER aircraft with Qatar Airways

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London-based aviation finance specialist Magi Partners has arranged the sale and leaseback of four B777-300ER with Qatar Airways.

For two of the aircraft, Crianza Aviation provided the equity component, Korean institutional investors provided the mezzanine funding and senior debt was arranged and fully underwritten by ANZ Bank.

Magi Partners Aircraft Management (MPAM) will provide the aircraft management services.

English legal counsel for Magi Partners was Vedder Price (London); Korean counsel was Yulchon (Seoul). Cayman Islands counsel was Walkers. Clifford Chance (Singapore) acted on behalf of the
senior lenders.

Sean Cleghorn, Partner at Magi Partners said: “This transaction represented a great opportunity for Magi Partners to continue its strong track record in Korea and undertake its first deal with the growing Korean lessor Crianza, whilst working with one of the world’s leading airlines Qatar Airways. We are also delighted that our continued partnership with the highly professional and innovative team at ANZ Bank has contributed to a tremendous transaction for all parties”

Ishka ‘Investing in Aviation Finance’ conference

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Magi Partners is sponsoring the Ishka ‘Investing in Aviation Finance’ conference, London on 4th-5th April, 2017.

Aviation Economics Growth Frontiers Korea Conference

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Magi Partners are lead sponsors of the “Aviation Economics Growth Frontiers Korea Conference” Seoul, Korea 20-21 February 2017.

Magi Partners arranges 15-year 100% financing for Etihad Airways’ B777 Freighter

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London‐based aviation finance arranger Magi Partners, working in conjunction with Seoul-based Youjee Partners, has arranged a Korean Finance Lease for one new Boeing B777F freighter aircraft for Etihad Airways. The funding (covering 100% of the aircraft cost) was provided by way of a private placement with a group of major Korean institutional investors.

Korean investors finance two A330-300s on operating lease to SIA

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London-based aviation finance specialist Magi Partners, working in conjunction with its Seoul-­based partner Youjee Partners and EastMerchant Capital has arranged Korean­‐sourced funding for the purchase of two A330-­300 aircraft, which are on lease to Singapore Airlines.

These are the first SIA­‐operated aircraft, and the first A330-­300s, to be financed entirely by Korean investors.

Legal counsel for the parties were Norton Rose Fulbright (Munich), Matheson (Dublin), Yulchon (Seoul) and Watson Farley & Williams (Singapore).

Sean Cleghorn, Partner at Magi Partners said: “This, Magi’s fourth deal with Youjee in the Korean market in just over a year, marks our second transaction involving SIA as operator but our first for A330-­300 aircraft and further validates the Korean market’s ability to provide attractive operating lease solutions as well as finance leases. We are very pleased to have worked successfully once again with our friends and colleagues at EastMerchant.”

Baldur Vander, Managing Director of EastMerchant, said: “We are very pleased to be able to close this transaction within just a few weeks’ time with the strong support and commitment from all parties involved. Once again Magi and EastMerchant have found a unique transaction structure to address the regulatory requirements in different jurisdictions. We now have eight Singapore Airlines aircraft under management. This transaction marks a logical step in the development of EastMerchant’s business towards lessor oriented transactions with differing sources of funding.”

Korean institutions provide 100% financing for Emirates A380 operating lease

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London-­‐based aviation finance arranger Magi Partners, working in conjunction with its Seoul-­‐ based joint venture partner Youjee Partners, has arranged the purchase of an A380-­‐800 on lease to Emirates from Stellwagen Finance Company Limited, the holding company for Aviation Finance Company (“AFC”). AFC initially arranged 100% of the bridge capital for Magi Partners and Youjee Partners, facilitating the lease novation and sale.

Magi Partners and Youjee Partners have placed the operating lease for the A380-­‐800 entirely with the Korean institutional investor market by means of a private placement with a group of Korean non-­‐bank financial institutions, investing through a Korean fund structure. This transaction marks the first A380-­‐800 operating lease financed entirely by Korean investors.

Lease management services to the Korean investors are being provided by Magi Partners Aircraft Management Limited (“MPAM”).

Yulchon LLC (Seoul), Clifford Chance (Singapore) and Walkers (Cayman) acted for the Korean investors; Allen & Overy (London) acted for AFC and Pillsbury Winthrop Shaw Pittman acted for Emirates.

Sean Cleghorn, Partner of Magi Partners said: “We are delighted to have been able to complete this ground-­‐breaking transaction with such a prestigious airline as Emirates. Korean institutions provide a growing source of capital, through increasingly diverse products, for the global aviation market and we look forward to completing more such transactions in the future.”

“Working with such quality counterparties such as Emirates, Magi and Youjee is particularly rewarding,” said Douglas Brennan, Chief Executive Officer of AFC. “It affirms the strength of our business model and demonstrates the capabilities AFC brings to the table. I am delighted that the AFC team was able to facilitate this transaction for Magi and the Korean market.”

Magi Partners arranges 15-year 100% financing for Etihad Airways’ Airbus A380

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Etihad Airways, the national carrier of the United Arab Emirates, has completed a Korean Finance Lease for its second new Airbus A380 aircraft.

The funding was provided by way of a private placement with a group of major Korean institutional investors and was arranged by London-based aviation finance specialists Magi Partners in conjunction with their Korean associates, Youjee Partners. The deal follows non- deal roadshow meetings between Etihad Airways and Korean investors in early 2014, and a competitive global request for proposals last summer.

The transaction, which is structured as a 15-year, fixed coupon full-payout finance lease, is the first ever Korean financing to be arranged covering the entire cost of a brand new A380 aircraft.

The aircraft is the second of a fleet of ten A380s on order from Etihad Airways to enter service and, like all the airline’s A380s, features The Residence by Etihad™.

Since inception Etihad Airways has raised more than US$10.5 billion from over 70 financial institutions and lessors to fund its fleet of aircraft and engines.

James Hogan, President and Chief Executive Officer of Etihad Airways, said: “We are delighted to have engaged so positively with Korean investors, thereby securing strong interest from Korean institutions in the course of our first entry into the Korean market, which we see as a potentially fruitful longer term partnership for us in the future.”

Peter Vardigans of Magi Partners, said: “This financing is a landmark deal for the Korean market and we are delighted to have been able to complete this transaction for such a prestigious airline as Etihad Airways. We anticipate that Korean institutions will provide a growing strategic source of capital for the global aviation market.“

Korean investors refinance junior loan for SIA A380 operating lease

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London-­based aviation finance arranger Magi Partners, working in conjunction with its Seoul­‐based advisor Youjee Partners and with EastMerchant Capital GmbH, has arranged a $57 million junior loan as part of a refinancing package for an operating lease of an A380 aircraft operated by Singapore Airlines (SIA). The transaction closed in Singapore on 3rd October 2014.

The aircraft is leased by SIA under a German KG leasing structure managed by Lloyd Fonds AG. The new junior loan replaces the existing junior and bridge financings put in place when the lease was originally entered into in 2011.

The new junior loan was funded by means of a private placement with a group of five Korean institutional investors acting through a Korean fund structure.

Senior  debt  is  provided  by  the  Singapore  branch  of  ANZ  Banking  Group  (“ANZ”),  which also acts as Senior Agent and Security Trustee.

Norton Rose Fulbright, Munich acted for the borrower and lessor; Clifford Chance, Singapore  for  the  senior  lender;  Watson  Farley  &  Williams,  Singapore  for  SIA  and Yulchon LLC, Seoul for the junior lender and Korean investors.