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Helicopter deal gets off the ground

Helicopter deal gets off the ground

John Canning KWM

Three major firms advised on a transaction to provide new helicopters to Victoria's emergency services.

 Firms: King & Wood Mallesons (Westpac and NAB), Holman Willan Fenwick (Lease Corporation International Helicopters), Hogan Lovell (Australian Helicopters)

Deal: Victoria’s emergency health providers will lease six new AgustaWestland AW139 (AW139) helicopters from LCIH via a financing agreement.

Value: Undisclosed

Area: Asset finance

Key players: Partner Leigh Borrello led the team from Holman Fenwick Willan. KWM’s negotiations were spearheaded by partner John Canning (pictured), supported by staff including Nai Kwok and Anisha Wijewardane, Tim Stanton, Andrew Rajanayagam and Sam Hoppe.

Deal significance: A financing agreement was negotiated enabling Lease Corporation International Helicopters (LCIH), the helicopter leasing arm of the Libra Group, to lease six new AW139 aircraft to Australian Helicopters Pty Ltd (a member of the Babcock Mission Critical Services Group).

KWM advised Westpac and NAB on the multimillion-dollar leasing and financing arrangements.

According to a statement from KWM, the complex deal will result in the helicopters being delivered in Italy by the manufacturer, AgustaWestland, before being shipped to Australia.

Once in Australia they will be fitted out, ultimately forming a key element of upgrades to emergency health services in Victoria.

KWM partner John Canning said the complex transaction covered seven jurisdictions, including Europe and the United States.

“We are very pleased the deal was successful as the leasing of the new state-of-the-art helicopters forms a big part of the important upgrade of emergency health services in Victoria,” Mr Canning said.

 

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