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20 Oct 2023

Stephenson Harwood (Singapore) Alliance advises Cebu Pacific on leasings and $123 million JOLCO

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Stephenson Harwood (Singapore) Alliance has advised Cebu Pacific on a series of leasing transactions and a $123 million Japanese Operating Lease with Call Option (JOLCO) financing.

Cebu Pacific is the Philippines' largest airline. It expects to take delivery of a record number of aircraft this year. While the majority of these aircraft will be brand-new, the airline will also supplement its fleet with used aircraft leases.

The Stephenson Harwood (Singapore) Alliance team has been advising Cebu Pacific on finalising lease discussions with multiple lessors, including Aercap, Avation, Banc of America Leasing and DAE Capital.

Stephenson Harwood (Singapore) Alliance also advised Cebu Pacific on a US$123 million Japanese Operating Lease with Call Option (JOLCO) financing, which relates to two new Airbus A321neos. MUFG acted as the lead arranger, security agent and main lender. This is the first time Cebu Pacific has utilised a JOLCO financing since the Covid-19 pandemic. Stephenson Harwood also represented Cebu Pacific on its first JOLCO financings back in 2019.

The Stephenson Harwood (Singapore) Alliance team was led by aviation finance partner Saugata Mukherjee, who was supported by managing associate Clement Leung, associates Yumi Bong and Bryan Liang, and paralegal Shahrzad Alavi.

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