Jane's Transport Finance has awarded global law firm Clifford Chance Aircraft Finance Law Deal of the Year for the third consecutive year and Port Finance Law Deal of the Year for the second consecutive year at an award ceremony held recently in London.
Clifford Chance was recognised for its advice to RBS Aerospace on the sale and leaseback to Iberia of a total of 16 Airbus A319/A321 aircraft and the associated funded participation of the lease receivables, with enhancements, to certain Spanish financial institutions, a deal which was valued in excess of US $525 million. Partner, Clive Carpenter, who led the deal for Clifford Chance, comments:
"This is a great achievement for Nick Swinburne (senior associate) and the rest of the team, particularly having won this award in the previous two years. This reaffirms Clifford Chance's position as the top tier aircraft financing firm."
In addition, the firm was also acknowledged for its work on the ground-breaking US $5 billion IPO for global marine terminal operator DP World Limited. This transaction represents a number of firsts for the Middle Eastern region. As well as being the largest IPO to date in the Middle East, the deal was be the biggest offering on DIFX, the first retail offering that the exchange has seen and the first redemption of a convertible sukuk. Lead partner on this transaction, Michael Dakin comments:
"We are delighted with the continued success of this transaction, and with the fact that we have been able to break new ground in so many ways. It has been tremendously satisfying to be working alongside another global company at the forefront of innovation and we are pleased that this innovation has been recognised by Jane's Transport in the shape of another award for a DP World deal."
In 2006 the firm was awarded the Aircraft Finance Law award for its work in relation to the sale of GATX aircraft leasing business and the Port Finance Law award for the DP World's US $3.5 billion sukuk-al-musharaka issue. In 2005, Clifford Chance also picked up an award for advising for the Lessor and certain financing parties on the Iberbond EETC transaction for Iberia.
Clifford Chance also advised on other deals that won awards at this year's ceremony, notably the Aircraft Capital Markets award won by RBS Aviation Capital for the Airspeed operating lease securitisation of 36 aircraft, and the Aircraft Debt Deal of the Year, also won by RBS Aviation Capital for the Ethiopian PDP.