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July 22, 2021
Left to right, Franco Furmanski, John Haley, Carlos Loumiet, and Megan Kilissanly
Nelson Mullins Riley & Scarborough LLP represented Avenger Flight Group, a company that operates flight simulators used by commercial airline pilots for their required trainings, in a $155 million senior financing facility by a group of syndicated lenders comprising Arbour Lane, Marathon Asset Management, Vulcan Capital, and MidOcean Credit Partners. Proceeds from the financing repaid existing indebtedness and will provide the company with growth capital as the aviation industry rebounds from the pandemic.
Founded in 2012 and headquartered in Fort Lauderdale, AFG serves the global aviation market by offering Full Flight Simulator (FFS) pilot training at its 12 flight training centers in the United States, Latin America, and Europe. AFG's focus on high-quality customer service has made it the training partner of choice for a range of customers, including low-cost carriers, traditional airlines, cargo transport companies and flight academy customers.
"We are thrilled to partner with Arbour Lane, Marathon Asset Management, Vulcan Capital, and MidOcean Credit Partners, and we appreciate their confidence in Avenger as the sector's most trusted aviation training organization. Our legal team at Nelson Mullins provided exceptional legal support for this mission-critical financing on a highly accelerated timeline," said Elsa Gagnon, general counsel at Avenger.
“This refinancing was a complex multi-jurisdiction transaction on an extremely tight timeframe. With this financing, Avenger is well positioned to grow and benefit from the general recovery that we are seeing in the aviation industry as a whole,” said John Haley, a partner at Nelson Mullins.
Avenger has strategically located its facilities across the United States and internationally, including operations in Florida, Nevada, Texas, Mexico, Spain, Poland, Ukraine, and Israel. Like the rest of the airline industry, Avenger’s business was affected by COVID-19, but is now seeing a significant uptick in demand as domestic and international travel resumes.
The Nelson Mullins team representing Avenger in its senior financing facility includes John F. Haley (partner – Miami), Carlos Loumiet (partner – Miami), Franco Furmanski (associate – Miami), and Megan Kilissanly (associate – Miami).
Javier Ortiz from Pickwick Capital Partners led the financial advisory team for Avenger in connection with the completion of this refinancing.
Established in 1897, Nelson Mullins is an Am Law 100 firm of more than 800 attorneys and government relations professionals with offices in 11 states and Washington, D.C. For more information on the firm, go to www.nelsonmullins.com.
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