Fresh off another $300 million in term loans, Waypoint Leasing CEO Ed Washecka told Vertical that the rapid expansion of leasing and financing companies in the helicopter industry brings various benefits to operators, chief among them flexibility. The Limerick, Ireland-based company has raised more than $1.2 billion in capital to fund a number of fleet purchases. Waypoint’s fleet stands at more than 40 helicopters, including Airbus Helicopters EC225s, AgustaWestland AW139s and Sikorsky S-92s.
The company also has purchase orders in place for in-development variants such as the AgustaWestland AW169 and AW189, as well as the EC145.
With the explosion of new entrants in the helicopter industry — including Amur Financial Services, Lease Corporation International (LCI), Macquarie Rotorcraft Leasing, Milestone Aviation Group, and a number of other banking institutions — the bottom line for operators is more financial flexibility, according to Washecka.
“Not having to put that capital down for an aircraft deposit means you can put that capital down to establish a new base or acquire another company, and it just allows the operator to grow more efficiently with their capital,” he said.
For example, if an operator needs an AW139, “they can talk with three or four lessors and say, ‘Do you have one available and what’s the price?’ In my view, that’s much better than tying up a bunch of your capital two years in advance for a contract that you may not even win.” In some cases operators can lower the cost of the helicopter as well by working with a lessor.
The recent $300-million in term loans allows Waypoint to refinance assets previously funded under its revolving credit facility, increasing its ability to acquire additional helicopter assets. Lead arrangers were BNP Paribas, MUFG Union Bank, N.A., RBC Capital Markets and Wells Fargo Securities, with Lombard, Sumitomo Mitsui Banking Corp., Everbank Commercial Finance, Inc. and Capital One and lenders.
