RESIDCO announced the closing of a $100 million commercial aircraft engine acquisition facility provided by Huntington National Bank, a $223 billion asset regional bank headquartered in Columbus, Ohio. This newly formed debt facility is designed to support RESIDCO’s strategic expansion within the global aviation secondary market, specifically focusing on the acquisition of high-demand commercial aircraft engines.
“As the aviation industry continues its robust recovery, the demand for engine leasing solutions and liquidity has never been higher,” said Scott Daniels, Managing Director-Aviation of RESIDCO. “We are thrilled by the trust Huntington has placed in RESIDCO’s Aircraft Engine leasing platform. This facility provides us with the necessary capital to execute our growth strategy and continue delivering value to our global airline and trading partners.”
"This significant funding is a direct result of the incredible dedication and expertise of our team, whose relentless work ethic has been the bedrock of our success and growth," said Michael Yovkovich, President of RESIDCO. "It is a pivotal moment for our company as a whole. We are excited to start building a major, long-term relationship with Huntington and deeply appreciate the confidence they have shown in our business model and our people."
The facility will enable RESIDCO to further leverage its deep technical expertise and asset management capabilities. By securing this $100 million commitment, RESIDCO is well-positioned to capitalize on immediate market opportunities and enhance its already substantial portfolio of mid-to-late-life commercial aircraft engines.
“We are pleased to establish this partnership with RESIDCO and provide the financing to support their acquisition goals,” said Michael Labrum, Managing Director of Lender Finance at Huntington. “RESIDCO’s specialized focus and proven track record in the aviation sector make them an ideal partner. This transaction underscores Huntington’s commitment to providing tailored financial solutions for industry leaders in the specialty finance and transportation sectors.”
Vedder Price served as legal counsel to RESIDCO on the transaction, while Chapman and Cutler LLP provided legal counsel to Huntington.