Jul 2025
Conyers acted as Cayman Islands counsel to Phoenix Aviation Capital (PAC) in connection with its inaugural US$600 million senior unsecured note offering. The offering comprised an initial US$550 million issuance of 9.25% senior unsecured notes due 2030, together with an additional US$50 million 8.35% senior unsecured notes due 2030, the proceeds of which will be used to repay existing indebtedness and for general corporate purposes.
RBC Capital Markets acted as Lead Bookrunner, RBC, Citigroup, Morgan Stanley, Natixis and BNP Paribas acted as Joint Active Bookrunners, and Oppenheimer & Co, BCPartners, Fifth Third Securities and HSBC acted as Joint Bookrunner. AIP Capital acted as servicer to PAC. In addition to providing Cayman Islands advice to the issuer, Conyers also assisted PAC with the listing of the Notes on the Cayman Islands Stock Exchange.
The Conyers team was led by Partner Barnabas Finnigan with assistance from Counsel Nick Ward, Associates Daniella Carrazana and Lucy Macris. They collaborated with Cadwalader, Wickersham & Taft LLP, who served as counsel to Phoenix and Cahill Gordon as counsel to the initial purchasers.
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