NEWS

Aeroplane in Flight

Watson, Farley & Williams advises Crédit Agricole Corporate and Investment Bank on a JOLCO financing of an A380 aircraft for Air France

20 June 2012

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Crédit Agricole Corporate and Investment Bank (CA-CIB), Natixis and SMBC on the refinancing of an A380 aircraft for Air France, via a Japanese operating lease with call option (JOLCO). The financing was only the second JOLCO financing of an A380 aircraft to close.

The deal was led by WFW Paris partners Charles Viggers and Eric Villateau and drew on the Paris team’s English and French law capability.

Charles Viggers comments: “We were very pleased to work so closely with all parties to close this prestigious deal in the limited time available. There were so many facets to the transaction that it was far from certain at the outset that it would be possible. We wait to see what impact recent changes in Japanese tax law will have in the JOLCO market but whilst other products abound indications are that it may become even more challenging to finance A380s with JOLCOs.”

The WFW team has now closed four JOLCOs in recent months.