News Release | January 21, 2020
Wells Fargo supports refinancing of AJ Walter Aviation
LONDON – January 21, 2020 – 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 (NYSE: WFC) - 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, AJ 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."
About Wells Fargo Capital Finance
Wells Fargo Capital Finance, a unit of Wells Fargo Commercial Capital, provides comprehensive asset-based lending, supply chain finance, and technology finance to a wide spectrum of companies across the UK. With offices in London and Manchester, we bring a strong and proven track record of working with clients to develop their businesses. We deliver flexible financing options for companies facing a variety of situations, including: early and midstage turnarounds, growth, leveraged buyouts, refinancing, restructurings, mergers and acquisitions. As part of Wells Fargo & Company, a leading financial services provider with a longstanding reputation for strength and stability, we can also provide access to a wide range of products and services aimed at helping companies succeed.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2019 rankings of America's largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories‡.
About AJW Group
AJW Group is a world-leading independent component parts, repair and supply chain solutions provider, transforming efficiency in commercial, business and defence aviation. AJW supports over 1000 airlines with Parts Supply and Support, Contracted Services / PBH, Engine Services, MRO and Asset Management Services and has operations across Africa, Asia Pacific, China, CIS, Europe, Latin America, Middle East, and North America.
About EY Debt Advisory
EY Debt Advisory works with clients across the capital spectrum and all debt markets. The group comprises over 150 advisors in global financial centres.
About Shawbrook Bank
Shawbrook is a specialist UK savings and lending bank founded in 2011 to serve the needs of SMEs and individuals in the UK with a range of lending and saving products.
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