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MALC refinances A319

DVB provided the debt facility for Millennium Aircraft Leasing Company, a fund co-managed by Novus Aviation and Alafco. 

Millennium Aircraft Leasing Company (MALC) has refinanced one A319. The 2001-vintage aircraft is leased to China Eastern until 2016. The transaction closed December 19. 

DVB Bank closed the limited recourse senior secured debt refinancing for MALC. The facility matches a recent five-year extension to the least term, which expires in October 2016. There is an option to extend the financing to March 2017, if the lease is extended again. 

MALC has two A319s leased to China Eastern which the company purchased from Gecas in 2004. 

Novus and Alafco are co-managers of MALC, an aircraft fund which was launched in 2002. Kuwait Finance House is the main sponsor and the fund has been sold down to retail and institutional investors. The fund has nine aircraft worth about $500 million upon inception. 

Clifford Chance London advised DVB, while SNR Denton was legal counsel for MALC, Novus and Alafco. 

Source: Airfinance Journal

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