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Wells Fargo Supports Refi of AJ Walter Aviation

February 21, 2020, 08:30 AM
Filed Under: Aviation

AJ Walter Aviation Limited, part of the AJW Group (AJW), the world-leading independent specialist in the global management of aircraft spares, closed a $70m senior secured credit facility with Wells Fargo Capital Finance (UK) Limited - part of Wells Fargo & Company - as lead bank and Shawbrook Bank (Shawbrook) as participant. Proceeds of the five-year facility will be used to support spare parts acquisitions to meet existing customer demand and fuel AJW’s steady growth.

Working with Shawbrook on this credit facility, Wells Fargo acted as arranger and agent.

AJW was advised by EY Corporate Finance and by Vedder Price.

“We are delighted to continue to offer rotable spare parts, as an asset class, to the bank markets, despite perceived challenges in financing such collateral,” says Ian Malin, Chief Financial Officer of AJW Group. “We have successfully structured this transaction across three jurisdictions to ensure that AJW’s inventory locations meet our global customer demand and that the right part is in the right place at the right time.”

“We are pleased that with our refinancing package, A J Walter Aviation can further strengthen their operations and grow their business,” said Steven Chait, EMEA Regional Head Wells Fargo Capital Finance. “Over the years, Wells Fargo has financed a myriad of aviation companies, and through these working experiences and relationships, we are well positioned to structure our facilities in accordance to the unique needs of our customers and the evolving industry. We are delighted to have executed a truly bespoke facility by working collaboratively with the EY and AJW teams. ”

Chris Lowe, Co-Head of Debt Advisory at EY noted: “This is the second debt financing transaction we have supported Ian and the team at AJW with. This is a superb business, operating in a global market with strong underlying growth drivers. We are really pleased with the transaction outcome, noting both the capital structure and the strong relationship dynamics prevalent in both the Wells Fargo and Shawbrook teams.”

Steve Munt, Director at Shawbrook Corporate Lending said: “The complexities of this transaction demonstrate exactly what we do best at Shawbrook – working closely with our clients and their advisors to structure flexible funding solutions, which in this instance took into account multiple asset classes and jurisdictions. With experience of both the aviation sector and working collaboratively alongside other funders, we’re delighted that AJW chose to work with us at Shawbrook to support their continued growth.”

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