Ashland Place Announces Closing of Engine Facility Deal with Crestone Air Partners
Ashland Place Finance has successfully closed an engine facility financing deal involving four CFM56 engines leased to Cebu Air in the Philippines and TUI Airways in the UK. This partnership with Crestone Air Partners is significant for enhancing Ashland's commercial aviation financing capabilities. Both companies express optimism about the collaboration, aiming to provide tailored solutions and capital support to the aviation sector.
- Successful closing of engine facility financing for four CFM56 engines.
- Partnership with Crestone Air enhances Ashland's financing capabilities.
- None.
NEW YORK, July 12, 2022 /PRNewswire/ -- Ashland Place Finance LLC ("Ashland Place"), a commercial aviation financing platform, and Crestone Air Partners, Inc. ("Crestone"), a full-service aviation asset management platform, today announced the closing of an engine facility financing four CFM56 engines on lease to Cebu Air, Inc. (Philippines) and TUI Airways Limited (UK).
"We are pleased to welcome Crestone as a new member of our commercial aviation financing platform," said Jennifer Villa, Ashland Place's Executive Director and Group Head. "One of our market differentiators has been our ability to drive successful outcomes for a wide range of aviation sector companies, and we look forward to continuing this trend with Crestone."
"At Crestone, we are proud of our partnerships across the aviation landscape, and we have certainly found another great partner in Ashland Place," said Kevin Milligan, Principal, Head of Investments at Crestone. "We are excited to have closed this latest transaction with Ashland Place and value the business's support as we continue to grow our business and maximize value for our customers."
Allen & Overy LLP served as legal counsel for Ashland Place, while Vedder Price LLP served as legal counsel for Crestone in this transaction.
Ashland Place Finance LLC is an institutional financing platform offering innovative capital solutions to the global commercial aerospace industry. Ashland Place is a wholly-owned subsidiary of Davidson Kempner Capital Management LP. Additional information can be found at: www.ashlandplace.com.
Crestone Air Partners (CAP) invests in commercial jet aircraft and the engines that power them on behalf of our capital partners. We are a full-service aviation asset management platform with a diverse portfolio of aircraft and engines leased to airlines globally. We target transactions in the secondary market, focusing on the last decade of the asset lifecycle. We take a collaborative approach with our clients by offering flexible lease terms tailored to our customers' requirements. Crestone brings unique value to transactions by drawing on the expertise and capabilities of interrelated aviation specialist subsidiary businesses across the Air T family (airframe material sales, landing gear leasing, engine material sales, disassembly, and aircraft storage). Crestone is headquartered in Denver, Colorado, and is a wholly owned business unit of Air T, Inc. holding company (NASDAQ: AIRT). Additional information can be found at: www.crestoneairpartners.com.
Media Contacts:
Ashland Place
Mary Beth Grover / Keely Gispan
mbgrover@ascadvisors.com / kgispan@ascadvisors.com
Crestone
Kevin Milligan
k.milligan@crestoneairpartners.com
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SOURCE Ashland Place Finance LLC
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