Stonepeak and Bellinger From Aviation Platform with $1.1 Billion Purchase

Posted on 05/24/2021

Funds managed by Stonepeak Infrastructure Partners inked a deal with Sydney-based Bellinger Asset Management to acquire a US$ 1.1 billion performing aircraft loan portfolio from National Australia Bank (NAB). The portfolio comprises 27 loan facilities secured by 159 aircraft, with a collateral valuation of US$ 1.4 billion. The weighted average remaining loan term of the portfolio is approximately 5.6 years and the underlying collateral comprises mostly new generation aircraft with a weighted average age of approximately 4.6 years. The portfolio will become part of the JV aviation platform between Stonepeak and Bellinger Asset Management.

Funds managed by Stonepeak have committed US$ 500 million in further equity capital for future investment in partnership with Bellinger in the aviation platform. Stonepeak’s investment will be made through a combination of Stonepeak’s infrastructure-focused private equity and credit funds.

Bellinger provides investment management and advisory services to corporate and institutional clients in Australia, Asia, and the United States.

Allen & Overy LLP served as legal advisor on the transaction. Deutsche Bank Securities Inc. served as financial advisor on the transaction.

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