We acted as joint Irish counsel to SMBC Aviation Capital and to the underwriters in relation to the sale by SMBC Aviation Capital Limited DAC, a wholly owned subsidiary of SMBC Aviation Capital, of $500 million of 2.65% senior unsecured notes due 2021 (the “Notes”). The Notes are fully and unconditionally guaranteed by SMBC Aviation Capital.

Proceeds from the offering will be used for general corporate purposes, which may include, among other things, the purchase of aircraft and the repayment of existing indebtedness. This was SMBC Aviation’s debut bond issuance and was eight times over-subscribed.