King & Wood Mallesons (KWM) acted as joint counsel for Westpac and National Australia Bank (NAB) on a transaction which will provide six new AgustaWestland AW139 (AW139) helicopters to Victoria’s emergency health services. The innovative financing agreement enabled Lease Corporation International Helicopters (LCIH), the helicopter leasing arm of the Libra Group, to lease six new AW139 aircraft to Australian Helicopters Pty Ltd (a member of the Babcock Mission Critical Services Group).

KWM advised Westpac and NAB on the multi-million dollar leasing and financing arrangements. The complex deal will result in the helicopters being delivered in Italy by the manufacturer AgustaWestland, before being shipped to Australia. Once in Australia they will undergo a fit out process, following which they will form a key element of the upgrade to emergency health services in Victoria.

Advising the banks on English and Australian Law, KWM drafted the financing and security documents, including provisions to manage the complex issues that are associated with security and transfer of title in multiple jurisdictions.

The KWM team was led by partner, John Canning, supported by staff including Nai Kwok and Anisha Wijewardane, Tim Stanton, Andrew Rajanayagam and Sam Hoppe.

Commenting on the deal, KWM partner, John Canning said, “We are delighted to have been able to support our clients on this significant deal. The complex transaction involved arrangements covering a total of seven jurisdictions, from Europe to the USA before delivery of the aircraft in Victoria was made possible. We are very pleased that the deal was successful as the leasing of the new state of the art helicopters forms a big part of the important upgrade of emergency health services in Victoria.”

This transaction follows on from the firm acting as lender’s counsel on another LCIH transaction involving the financing of four AW139 aircraft to be used in the Westpac Rescue Helicopter Service in the Hunter Region of New South Wales.