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Latham & Watkins advises Aernnova on its TLB Refinancing

Aernnova, a major aero structures company and portfolio company of TowerBrook Capital Partners, Peninsula Capital and Torreal, has completed a covenant-lite refinancing consisting of a €490 million term loan B and a €100 million revolving credit facility, proceeds of which will be used for long term refinancing, potential investment through organic growth, international expansion, acquisitions and working capital.

Aernnova, which has a global presence and is head-quartered in Spain, designs, manufactures, and supplies aero structures and components including fuselage sections, tail assembly, and wing structures to major aircraft manufacturers. TowerBrook Capital Partners, a global investment management firm, is a strategic investor in Aernnova.

Latham & Watkins acted for Aernova and its shareholders, including TowerBrook Capital Partners, in the transaction with a team led by Madrid corporate partner Ignacio Gomez-Sancha, London finance partner Charles Armstrong, and Madrid finance partner Fernando Colomina; assistance was provided by London finance associates John Hutton, Michael Spurritt, and Chen Yang Sia, and Madrid finance associates Pablo Alarcon, and law clerk Claudia Mencia. Tax advice was provided by Madrid partner Jordi Dominguez and counsel Ivan Rabanillo, with London partner Karl Mah and associate Alexandra Liu also advising.