January 25, 2019 | Share
Saavedra Goodwin Successfully Closes on a Multi-State $640M Syndicated Credit Facility for Sheltair Aviation
Fort Lauderdale based law firm Saavedra-Goodwin recently closed a $640,000,000.00 syndicated loan transaction on behalf of their long-time client, Sheltair Aviation Services, LLLP, a Fort Lauderdale based aviation services company, and forty-three (43) of its affiliated entities serving as guarantors of the credit facility.
Damaso W. Saavedra, the Senior Managing and Founding Partner of the firm, has served as Sheltair’s outside general counsel for over thirty years. Saavedra, together with Allyson Goodwin, Senior Supervising Transactional Counsel and Ross D. Kulberg, Senior Transactional Counsel, handled the transaction on behalf of the Borrower and Guarantors.
Prior to this closing, Saavedra-Goodwin represented Sheltair in the closing of the original credit facility with SunTrust Bank in the amount of $200,000,000.00. From 2013 through July 2017, the credit facility was amended and incrementally increased several times to a value of $335,000,000.00 before the current closing.
On January 23, 2019, Sheltair and SunTrust Bank, as Administrative Agent and Issuing Bank, together with participating lenders, including Capital One, BankUnited, TD Bank, BB&T, Fifth Third Bank, Synovous/Florida Community Bank, Regions Bank and Centennial Bank, among others, closed on the $640,000,000.00 Second Amended and Restated Credit Agreement. Lawyers Land Title Company, Saavedra-Goodwin's wholly owned title company, served as Title Agent for the Florida properties involved in the transaction. The current credit facility consists of a revolving credit facility of $380,000,000.00 and a term loan of $260,000,000.00, with an accordion of $125,000,000.00.
Sheltair Aviation offers aviation services at 22 airports in Florida, New York, Georgia and Colorado, including 18 fixed base operations, hangars, office space, and fueling. The credit facility is secured in part by Sheltair’s leasehold and fee properties and will be used by Sheltair and its affiliates to finance improvements to its existing property and facilities as well as for further expansion. Sheltair recently opened its newest FBO at Rocky Mountain Municipal Airport in Denver, Colorado.
Saavedra-Goodwin was established in 1988 and is committed to providing large firm quality representation in a small firm atmosphere. Saavedra-Goodwin offers individualized advice, counsel, and experienced legal representation to clients in a community law firm setting that is tailored to each client’s unique needs. For more than three decades, the AV rated law firm of Saavedra-Goodwin has counseled its clients in business, litigation, real estate, construction, and aviation matters.