TrueNoord secures US$250 million committed financing to boost portfolio expansion

TrueNoord, the specialist regional aircraft lessor, has secured additional support from Citibank, Société Générale Corporate & Investment Banking, Royal Bank of Canada and Farallon Capital Management which brings total committed and available funds to US$250 million. This will be used by TrueNoord to finance business development and expand its portfolio of 50-150-seat class aircraft which includes regional jets and turboprops from Embraer, Airbus, ATR and De Havilland Canada.

“Regional aviation has performed strongly throughout the pandemic, sustaining important connectivity with remote communities and enabling airlines to right-size their fleets as payload fluctuated. Continued investor confidence in the regional aircraft leasing sector reaffirms TrueNoord’s specialist focus and underpins our balanced growth trajectory for 2022 and beyond,” says Julien Millet, Chief Financial Officer – TrueNoord.

The growth facility provided by Farallon Capital Management provides significant dry powder for future transactions while improving TrueNoord’s capital structure. Legal advisers Willkie Farr & Gallagher (UK) acted for TrueNoord, and Latham & Watkins represented Farallon.

Senior warehouse financing continues to be underwritten by Citibank, Société Générale Corporate & Investment Banking and Royal Bank of Canada. The availability period of this facility, originally raised in September 2019 with a total commitment of US$360m, has been extended to further strengthen the growth of TrueNoord’s portfolio. Citibank is acting as agent and security trustee. (£1.00 = US1.35 at time of publication).

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