TSL Express Daily News
The Secured Lender
SFNet's Factoring & Supply Chain Finance And Great Places To Work Issue
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July 24, 2024
Source: Avi Trader
Magnetic Leasing, part of the Magnetic Group, has successfully closed a secured term loan with volofin Capital Management to finance mid-life narrow-body aircraft, engines, and landing gears. This transaction and strategic alliance represent Magnetic Group's first structured financing facility as part of its ongoing expansion strategy.
Alex Vella, CEO of Magnetic Leasing and CIO at Magnetic Group, stated, “It's a major milestone in the company's history, and we are all extremely delighted to have secured the financing from volofin that can facilitate our short-medium term growth plans and assist us in taking full advantage of our Group synergies. In volofin, we have a partner that genuinely understands intrinsic asset values and will enable us to maximise our end-of-life asset management capabilities.”
The first round of assets in the portfolio includes two A321-200 aircraft on lease to SmartLynx Airlines, together with several narrow-body engines and landing gears on lease to companies including MTU and Lufthansa Technik.
Adam Kubas, Associate Director at volofin Capital Management, shared: “We are very pleased to have worked with Magnetic Leasing on their first structured financing. Our understanding of various exit strategies, including green time leasing, rebuild, or part-out, enabled us to structure optimal financing that leverages the synergies within the Magnetic Group. We look forward to supporting Magnetic Leasing as they expand their leasing portfolio and trading activities.”
volofin Capital Management is a speciality finance and alternative asset management firm focused on delivering innovative financing and investment solutions to its commercial aviation partners and institutional clients. With headquarters in Vilnius, Magnetic Leasing is an integral part of the Magnetic Group, a lessor and asset management company specialising in mid-end-of-life narrow-body assets.
