Waypoint Leasing

Summary

Lender Advisor

Darien, CT

Lessor of a portfolio of 166 helicopters for 35 customers in 32 countries, with total marked assets in excess of $1.6B and total debt in excess of $1.1B

Waypoint leasing experienced a decline in lease rates and asset value on a large portion of its portfolio, leading to both a short-term liquidity crisis and long-term debt impairment for the large consortium of lenders. CMA was hired by SunTrust bank (agent on two debt pools) to advise on ongoing restructuring and M&A efforts, as well as short-term liquidity.

Key Challenges

Declining Lease Rates

Decreased Value of Helicopter Portfolio

Liquidity Crisis

Impaired Debt Across 9 Tranches

Engagement Highlights

Perform an assessment of the model and allocation method devised by primary lender advisors.
Devise a new and improved valuation model to forecast the value of each of the pools of assets, as well the go-forward debt capacity of each pool.
Analyze asset designations, and suggest re-classification, when necessary, of “Core” and “Non-Core” assets.
Opine on the valuation and allocation suggested by sell-side advisors and advise SunTrust on strategic options.
Model short-term, pre-transaction liquidity and cash flow.

Waypoint Leasing

Summary

Lender Advisor

Key Challenges

Engagement Highlights

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