Stellwagen secures new $250m fund facility
An additional $250m (€210m) in funding has been secured for use by Dublin-based aircraft financing company Stellwagen Group.
The planned financing had been flagged earlier this year by Stellwagen Group's former chief operating officer, Howard Millar.
The revolving credit and security facility includes a feature enabling it to be expanded to $500m at a later date.
The facility has been secured by Stelloan Investment Company, a senior secured loan fund managed by Stellwagen Capital.
Morgan Stanley Asset Funding was the structuring agent and lead lender.
Former Ryanair chief financial officer Howard Millar was the chief executive of Stellwagen Capital, and chief operating officer of Stellwagen Group, until September this year.
Mr Millar had been with the group for just over a year.
He and two other Stellwagen executives unexpectedly quit their roles nearly three months ago and subsequently became embroiled in a legal spat with the company.
Stellwagen claimed in the High Court that the trio had planned to go into business together and would compete with Stellwagen.
The men denied any wrongdoing.
Injunction proceedings against them were resolved last month.
The injunction proceedings were struck out and certain undertakings were offered by the three executives.
Doug Brennan, the chief executive of Stellwagen Group, said yesterday that the execution of the new lending facility is a "significant sign of support" from the banking community for the business.
He said it's "another step to create performing, secure global investment products".
Stellwagen was acquired by Canadian firm Acasta Enterprises for $270m last year.
As part of that deal, Acasta also committed $100m to Stellwagen Capital's senior loan investment vehicle.
Headquartered in Dublin, Stellwagen Capital was founded in 2016 in order to raise capital in a structured manner, with the aim of enabling investors to achieve strong returns in industries where Stellwagen has operating and financial competence.
In July, Mr Millar said that Dublin-based Stellwagen Capital intended to complete "at least" $1bn a year of deals and had indicated that the firm would raise an additional $250m in capital this year as it "disrupts" the aircraft financing market for commercial jets.
Mr Millar said at the time that he would be "disappointed" if Stellwagen Capital didn't have at least $2.5bn of assets under management by the end of this year.
During the summer, it had $1.6bn.