COBALT advised Export Development Canada in a transaction whereby Export Development Canada sold and transferred to Osaühing Transpordi Varahaldus loans and collateral established to secure the transferred loans. The transferred loans were granted by Export Development Canada in 2011 to EA Jet Leasing Ltd, to finance the acquisition of three Bombardier CRJ900 NextGen aircraft. The aircraft financed under the transferred loans were leased to and operated by Estonian Air.
Export Development Canada is a Canadian state-owned export credit agency, established to provide Canadian exporters with financing, insurance and bonding services, as well as foreign market expertise. Osaühing Transpordi Varahaldus is a newly established Estonian state-owned holding company, for which the acquisition of loans from Export Development Canada was the first investment.
As local counsel, COBALT assisted Export Development Canada in the review, preparation and execution of the transaction documents and in carrying out the registration procedures required in Estonia, in connection with the transfer of the collateral.
COBALT’s team for this project consisted of partner Marina Tolmatshova and associate Mattias Tammeaid.