K&L Gates has represented Century Tokyo Leasing Corporation (CTL) in an aircraft leasing joint venture with CIT Group (CIT) that allows for the establishment of joint venture companies in both Ireland and the United States (Delaware) as consolidated subsidiaries of CTL. CTL is expected to provide 70% of the equity and all of the debt financing for each, with the joint ventures planning to invest approximately US$2 billion over the next two years targeting relatively new aircraft, with the joint ventures initially set to acquire 14 aircraft from CIT.

Tokyo partner Robert E. Melson, Jr., led the K&L Gates global deal team and was assisted by Tokyo partners Ryan Dwyer, Takahiro Kawaguchi, and Tsuguhito Omagari, Hong Kong partner Neil Campbell, London partner Trevor Beadle, Wilmington partner Nick Froio, Tokyo associate CJ Hoppel, and Singapore associates Sebastian Smith and Jesse Clark.

Melson said: “These joint venture and debt financing transactions involved four jurisdictions: Japan, Ireland, England, and the U.S. We are pleased with the outcome for our client, who is looking to further expand its aircraft leasing and other asset finance businesses.”