International law firm Trowers & Hamlins is pleased to have advised existing client Oman Brunei Aviation Leasing Company (OBALC), Oman’s first aircraft leasing company, on the acquisition of two new Boeing B737-900ER aircraft and their subsequent long-term lease to Oman Air.
The first delivery was completed 20 May 2015 and the second is scheduled to take place on 27 May 2015.
This is the second transaction that Trowers & Hamlins has advised on for OBALC. The first deal, which was OBALC’s inaugural transaction, saw two 737-900ER leased to Oman Air on ten-year sale-leaseback agreements. The aircraft were delivered in November 2014 and March 2015.
A third aircraft leasing is currently in the works and is anticipated to occur in November 2015.
Simon McLean, OBALC’s CEO, commented: “In our inaugural transaction with Oman Air last year, we clearly demonstrated our ability to deliver a competitive solution in a short timescale, so we were delighted to be mandated again by Oman Air for the provision of three further new B737-900ER aircraft, taking us to a total of five B737 aircraft by the end of 2015.”
OBALC was established by private equity firm Oman Brunei Investment Company in partnership with The Sultanate of Oman’s State General Reserve Fund and has an authorised capital of RO 200 million.
London Banking and Finance partner Roger Clarke led on the deal and advised on the underlying financing and leasing arrangements, assisted by Banking and Finance solicitor Simon Valner and trainee solicitor Alistair Stewart.