Hogan Lovells advises Norwegian Air Shuttle ASA on its JV with CCBLI
01 November 2019 – A team from Hogan Lovells has advised long standing client Norwegian Air Shuttle ASA (Norwegian) on the establishment of a joint venture (JV) with CCB Leasing Corporation DAC (CCBLI), a wholly-owned subsidiary of China Construction Bank Corporation, to finance, own and lease aircraft that Norwegian has on order.
CCBLI will own a 70 per cent share of the JV and will also provide senior debt financing for the 27 aircrafts that will comprise the JV; Norwegian, through its wholly owned subsidiary Artic Aviation Assets DAC, will own the remaining 30 per cent.
The deal has the potential to cut Norwegian's committed capital expenditure by approximately US$1.5 billion based on the initial 27 aircraft.
The Hogan Lovells team was led by London finance partner Robert Fugard and senior associate Anthony Doolittle (Corporate) with support from partner Don McGown (Corporate) and senior associate Russell Green (Finance).