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Clifford Chance

Clifford Chance
Zarrar Sehgal

Zarrar Sehgal


Zarrar Sehgal

Zarrar Sehgal is the Co-Head of the Global Financial Markets group in the Americas, Co-Head of the Asset Finance Practice and Head of Clifford Chance's Global Transport & Logistics sector group. He concentrates his practice on a wide variety of international asset finance transactions, including acquisition financing, leveraged leasing, EETC transactions, secured lending, structured financing, export credit agency-supported financings and credit enhancements. He also has extensive experience representing underwriters and issuers in public offerings and private placement of securities, including portfolio securitizations and debt and equity offerings.

Zarrar has particular expertise in financings involving aircraft and has worked on several of the most significant securitizations and financings in the market, including many transactions that have been awarded 'Deal of the Year' awards from industry publications.

  • Goldman Sachs & Co., the Arranger, in the Rule 144A offering by AASET 2022-1 Limited and AASET 2022-1 LLC, of US$522.464 million fixed rate secured notes, secured by a portfolio of 25 aircraft and related leases. Goldman Sachs acted as the lead bookrunner and Carlyle Aviation Management Limited was servicer under the transaction
  • BBAM in connection with a $600 million aircraft warehouse facility provided by a syndicate of international banks
  • Mizuho Securities USA and Citigroup Global Markets as lead structuring agents and joint lead bookrunners in connection with the issuance of US$716 million Secured Notes in an asset backed securitization (Navigator 2021-1) by Dubai Aerospace Enterprise
  • Consenting noteholders of 60% of Voyager Aviation Holdings, LLC’s existing unsecured 8.500% Senior Notes due 2021 totaling over US$415 million in connection with its successful Exchange Offer, allowing Voyager to surpass the minimum threshold for Voyager to pursue an out-of-court restructuring
  • Avolon Aerospace Leasing Limited on the closing of an issuance of US$746.8 million of fixed rate secured notes by Sapphire Aviation Finance II Limited and Sapphire Finance II LLC. The proceeds from the issuance of the Notes were used by the issuers to acquire a portfolio of 21 aircraft on lease to a diversified pool of 19 lessees in 18 countries; Overall Capital Markets Deal of the Year 2020, AirFinance Journal Awards
  • Fly Leasing in connection with its US$2.36 billion acquisition by an affiliate of Carlyle Aviation Partners, the commercial aviation investment and servicing arm within the Carlyle Group’s global credit platform; Americas M&A & Editor’s Deal of the Year, Airline Economics’ Global Aviation 100 Deal of the Year Awards 2021
  • JP Morgan and the other initial purchasers in connection with Aviation Capital Groupon (AGC)’s offering of US$1 billion fixed rates unsecured senior notes. This was ACG's return to the 144A/Reg S market for the first time in 18 months and the first time since the outbreak of COVID-19
  • ACG on a US$500 million unsecured term loan insured by NEXI, the official credit export agency of Japan. ACG is a wholly owned subsidiary of Tokyo Century Corporation, which helped arrange and support the transaction. This is ACG's first ever loan insured by NEXI; Supported Finance Deal of 2020; Airline Economics Aviation 100 Awards
  • Goldman Sachs as co-arranger of over US$1 billion in debtor-in-possession financing to support the Colombian airline Avianca through its chapter 11 cases and restructuring efforts; Americas Restructuring Deal of 2020, Airline Economics Aviation 100 Awards
  • Multiple aircraft lessors and finance parties in connection with the chapter 11 proceedings of LATAM Airlines Group and its affiliates, which collectively comprise the leading airline group in Latin America and the fourteenth largest airline in the world measured by passengers carried
  • Dubai Aerospace Enterprise (DAE) Ltd, as seller and servicer, on the issuance of their US$380 million asset backed securitization, backed by 18 aircraft leased to 15 lessees based in 13 countries
  • Goldman Sachs & Co. LLC, Deutsche Bank Securities and Natixis on the closing of an issuance of US$553.6 million of fixed rate secured notes by JOL Air Limited. Proceeds from the notes were used by JOL Air Limited to acquire 15 aircraft that are initially leased to 11 lessees located in 10 countries; ABS Deal of the Year 2019, AirFinance Journal Awards

News and client work

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Contact details

Career and qualifications

  • Georgetown University Law Center (JD) 1997
  • Admitted as an Attorney-at-Law in New York 1998
  • Joined Clifford Chance as a Partner 2006

Awards and citations

  • Zarrar Sehgal is one of the foremost experts in issues such as EETCs and structured finance.
    Chambers USA 2022: Transportation: Aviation: Finance (Nationwide) – Band 1
  • Mr. Sehgal is listed as a “Leading Lawyer” in Transport: Aviation and Air Travel Finance by Legal 500 USA and is included in Legal 500's Hall of Fame. Mr. Sehgal was also named as one of the fifteen “Rising Stars” by Airfinance Journal in 2005.
    Chambers Global 2019 - Transportation: Aviation Finance
    Chambers USA 2019 - Transportation: Aviation Finance, Nationwide
  • Zarrar Sehgal has been ranked as Band 1 in Chambers USA – Transportation: Aviation – Finance, Nationwide. Zarrar Sehgal advises prominent lessors and financiers on key securitizations and note issuances. He is appreciated by clients as "a very experienced senior attorney who is also actively involved and hands-on in transactions."
    Chambers USA 2019 - Transportation: Aviation Finance, Nationwide