New leasing company Thora Capital closes helicopter transaction

New leasing company Thora Capital closes helicopter transaction

22-Nov-2019 Source: Thora Capital

Thora Capital, LLC (“Thora”), a Chicago-based alternative asset manager dedicated to aviation finance, announced the final closing for its first fund, Thora Capital Fund I, LP (the “Fund”). The Fund’s limited partners include family offices, high net worth individuals, RIAs, and the leading independent provider of maintenance support and financial services to the aviation industry.

“We sincerely appreciate the trust placed in us by our investment partners,” said Matthew Rothschild, Chief Executive Officer of Thora. “With $50 million of capital commitments and co-investment assets under management, Thora is well-positioned to support the financing needs of the industry during this period of elevated demand for creative capital solutions.”

Thora separately announced the closing of its second transaction with the acquisition of two utility helicopters to be placed on a long-term lease with Uniflight Global Flight Services (“Uniflight Global”), based in Grand Prairie, Texas. The helicopters will be operated by Aviation Services Unlimited (“ASU”) in Rome, New York.

The helicopters operate in Upstate New York and New England, servicing long-term contracts with regional power companies, primarily focusing on electrical grid infrastructure.

“We are delighted to be able to provide this financing to Uniflight Global in support of their growth in the utility space. This deal also provides Thora with further diversification of aircraft and mission type as we continue to expand our portfolio,” said Russell Christopher, Managing Director of Thora Capital. Mr. Christopher leads Thora’s origination, sourcing, and portfolio management efforts.

The Fund acquired the two helicopters, one from ASU in a sale-leaseback arrangement and the other imported from Canada. Both aircraft will be leased to ASU for seven years.

“With the importation of an aircraft from outside of the USA, this demonstrates Thora’s ability to manage the various aspects of an international transaction,” said Russell Christopher, who led the transaction. “We have a significant number of additional aircraft currently under LOI, including additional international deals, which we plan to execute in the very near term.”

Vedder Price, Washington DC, was legal counsel to Thora. McAfee and Taft, Oklahoma City, was aviation counsel to the transaction. YYZ Law, Toronto, Canada, advised on aspects of the Canadian secured transaction. Pepper Hamilton, Berwyn PA, operated as general counsel for Uniflight Global.

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