Retranslated deal attains new heights under Weil, Gotshal & Manges' supervision
In a significant development, Watson Farley & Williams (WFW) has played a pivotal role in the complex cross-border debt refinancing of Eliance Holding Company. The transaction, which involved four jurisdictions including Spain, Italy, Chile, and potentially the UK, was announced on Monday, 7th July, 2025.
Eliance Holding Company, a firm that offers services spanning medical emergencies, firefighting, and search and rescue, operates a fleet of over 90 fixed-wing aircraft and helicopters. The company's registered locations include Spain, Italy, and Chile.
The refinancing aimed to replace Eliance’s existing group debt and secure an additional loan facility to support capital expenditure (capex) and growth, ensuring the company’s financial stability and expansion capacity. The debt refinancing was provided by funds managed by Infranity and formed part of Swiss Life Asset Management’s acquisition of a majority stake in Eliance, with RiverRock Brownfield Infrastructure Funds remaining as a minority shareholder.
WFW provided comprehensive legal counsel throughout the process, leveraging its international Aviation & Aerospace team. The core team included London assets and structured finance partner Louise Mor, Madrid asset finance partners Alfredo Cabellos and Laura Cadenas, and Rome finance partner Michele Autuori. They were supported by a broader team of senior associates and associates across London, Madrid, Rome, and Milan.
According to Eliance's senior management, the partnership with Swiss Life Asset Managers is strategic for the company’s continued expansion and operational upgrades. The refinancing and new loan facility are expected to strengthen Eliance’s financial framework, provide stability for ongoing growth, and position the company for enhanced profitability in a sector requiring significant investment.
The deal underscores WFW’s expertise in advising on complex, cross-border aviation finance transactions. In March, WFW acted as aviation counsel to an ad hoc group of secured bondholders in Spirit Airlines' Chapter 11 restructuring.
| Aspect | Details | |-----------------------|-------------------------------------------------------------------------| | **Advisor** | Watson Farley & Williams (WFW) | | **Client** | Eliance Holding Company | | **Transaction Type** | Debt refinancing + additional loan facility | | **Jurisdictions** | Spain, Italy, Chile, (likely UK) | | **Lenders** | Infranity (funds managed by) | | **Equity Change** | Swiss Life Asset Management acquires majority stake | | **Minority Holder** | RiverRock Brownfield Infrastructure Funds | | **WFW Team Lead** | Louise Mor (London), Alfredo Cabellos & Laura Cadenas (Madrid), Michele Autuori (Rome) | | **Purpose** | Strengthen financial framework, support capex and growth |
The statement from Eliance Group CEO Juan Carlos Martinez and Group CFO Fernando Gallardo indicated that the investment strengthens their financial framework and ensures stability for growth. The deal not only reinforced Eliance’s financial position but also facilitated a significant change in corporate ownership, with Swiss Life Asset Management becoming the majority shareholder.
Eliance Holding Company, with its operations in multiple jurisdictions including finance, leverages WFW's expertise in aviation finance transactions to secure debt refinancing and an additional loan facility, strengthening its financial position and ensuring growth. This complex, multi-jurisdictional deal has paved the way for Swiss Life Asset Management's acquisition of a majority stake in Eliance, marking a significant transformation in the company's industry ownership.
