Iris

Air ambulance services

The transaction relates to the financing of 14 fixed-wing aircrafts equipped with emergency medical service kits, operated for air ambulance services in Norway and in Sweden. The aircrafts are leased through triple net lease agreements to a Norwegian lessee and a Swedish lessee that have individually signed a long-term air ambulance service procurement contract with the local public authority in their respective countries.

The financing has been structured to finance part of the acquisition price of the aircrafts as well part of the pre-delivery payments that were to be made to the manufacturer before delivery.

Investment rationale

Air ambulance fixed-wing aircrafts are a key element for a public health authority to provide transportation services for patients in critical condition, especially in large countries with low density of population, remote areas, and adverse weather conditions such as Norway and Sweden.

The aircraft of the fleet are best in class assets for air ambulance services with long lifespan and active secondary market.

The Norwegian and the Swedish lessees are part of a well experienced group that operates c. 400 aircrafts for mission critical services and numerous certified maintenance centers across 14 different countries.