In the last quarter of 2008, PUC as local counsel to one of the first generation banks in Nigeria, negotiated and vetted the Finance Documents in regard to the credit facility of about $134,000,000.00 (One Hundred and Thirty-four Million United States Dollars) to Arik Air Limited, to finance the acquisition of a brand new Airbus A340-500 from Airbus S.A.S. The transaction was quite complex, with its multi-jurisdictional challenges, especially in regard to securitization. PUC worked with Lovells LLP as Co-Counsel to the Nigerian Bank. The successful acquisition of this Airbus has enabled Arik Air to commence long haul flight services on the Lagos to London route since 15 December 2008. PUC wishes the management of Arik Air a successful enterprise.
© Copyrights 2007-2009. All rights reserved. Paul Usoro
& Co.