Advising Azorra on $550 million unsecured notes issuance

After a successful issuance in October 2024, Azorra Aviation Holdings, LLC (“Azorra”) has recently closed its second unsecured notes issuance, consisting of an upsized offering totalling $550 million at 7.25%. The notes, issued by Azorra Finance Limited, a wholly-owned subsidiary of Azorra, reflect strong investor demand. The proceeds from the issuance will allow Azorra to respond strategically to market opportunities, which may include financing the acquisition of new aircraft deliveries.
 
The issuance comes after Fitch Ratings revised the company’s outlook from stable to positive and affirmed the company’s Long-Term Issuer Default Rating (IDR) at “BB-.” Moody's Ratings and S&P Global Ratings similarly reaffirmed and upgraded the company’s corporate ratings. 
 
Our Asset Finance team acted as Cayman Islands counsel to Azorra. The team was led by partner Sarah Humpleby and senior counsel Jessica Mbanda, based in our Cayman office.
 
Congratulations to Azorra and the Vedder Price team who acted as U.S. counsel.