Munich team advises German airline Condor on first Balthazar-covered financing of an Airbus A330-900neo

Global law firm Norton Rose Fulbright has advised the German airline Condor Flugdienst GmbH on its first Balthazar-covered financing of an Airbus A330-900neo aircraft. This is the tenth aircraft of this type that Condor has added to its fleet.

The loan financing for the Airbus aircraft is provided through a finance lease structure consisting of senior and subordinated loan tranches. The senior loan was arranged by Norddeutsche Landesbank Girozentrale (NORD/LB) and secured by Balthazar. 

Balthazar is an insurance product for lenders and investors providing long-term financing for new Airbus aircraft. It was launched in 2019 by Airbus, Marsh and a group of highly rated insurance companies. The subordinated loan was provided by Tamweel Aviation Finance and arranged and structured by Novus Aviation Capital.

Condor Flugdienst GmbH, based in Neu-Isenburg, is a German airline specialising in offering holiday flights. Condor operates a fleet of over 50 aircraft flying from the eight largest airports in Germany and from Zurich to around 90 destinations in Europe, Africa and America.

Condor was advised by in-house lawyer Philipp Schneider and a team from Norton Rose Fulbright led by Munich partner Markus Radbruch and Senior Associate Martina Glaser. In addition, Senior Associate Timothy Nelmes and Associate Matthias Zimmermann (all Banking/Finance, Munich) advised. 

Matheson advised on the Irish law aspects of the transaction. The Balthazar Insurers were advised by Clifford Chance. NORD/LB was advised in-house by Matthias Reuleaux and by Vedder Price. Novus Aviation Capital was advised by Pillsbury.