Maples And Calder Advises On ECAF I Ltd's US$1.21bn ABS

Maples and Calder advised ECAF I Ltd (the "Issuer") on the Cayman Islands legal aspects of its US$1.21 billion asset backed securitisation of a diverse portfolio of 49 aircraft with an initial appraised value of approximately US$1.57 billion.  The offering comprised three tranches of note and is the largest pooled-aircraft ABS transaction in almost a decade.  

As well as advising the Issuer, a separate team from Maples and Calder advised Element Financial Corporation on the upstream funding structure being put in place to facilitate equity investment into the Issuer.  Maples Fiduciary in the Cayman Islands, Ireland and Luxembourg also provided fiduciary and administrative support in connection with the transaction.  Element Financial Corporation acted as the structuring agent while Deutsche Bank, BNP Paribas and Citigroup acted as joint bookrunners for the offering.