BA Raises $927m In Its First EETC

British Airways (BA) has raised $927m in its first enhanced equipment trust certificate (EETC). The money will be used to pay for 14 new aircraft, including six 787s. Law firm Milbank, Tweed, Hadley & McCloy represented Citibank as lead structuring agent for a group of international banks, which backed the offering. James Cameron, who led Milbank’s team commented: “This is a ground-breaking transaction, which shows how the capital markets can be made available to airlines globally. The deal used English Law to access the capital markets in a way that was previously only available to domestic US airlines.” So far this year, Milbank has underwritten offerings of $820m and $100m under two separate EETCs by US Airways; it also underwrote a $445m EETC by Hawaiian Airlines and was an initial purchasers for a $715m EETC offering by Air Canada.

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