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Project Altair

Overview
Creation of Kuwaiti based aircraft leasing company with Kuwaiti national training programme managed by Kuwaiti NOC.

Obligation
One defence contractor satisfying a Kuwaiti obligation.

Solution
Combining existing company owned aircraft and offset based financing tools,with aerospace sector training expertise.

Outcome
New company created holding ten year leases on four aircraft. Cash flows secured from day one with training programme and business plan in place to support growth. Obligation satisfied in full on completion.

Project Alpha

Overview
Supporting the development of Abu Dhabi’s Raha Beach development by Aldar.

Obligation
Fifteen party UAE obligation.

Solution
Blenheim used equity finance to facilitate a $2.1bn infrastructure financing package.

Outcome
Reducing the cost of infrastructure enabled project finance to be secured against cash flow generating assets. Project Alpha represented the largest single discharge solution globally with the obligation discharged in full on day one

Projects Blue and Blue II

Overview
Blue I was a landmark structured financing contract to fund acquisition of twenty-fiveAirbus aircraft across ten international airlines for $891m. Blue II supported acquisition of six aircraft for $500m.

Obligation
Blue I discharged a six party UAE obligation. Blue II brought together four parties with UAE obligations.

Solution
Blue I injected equity to facilitate the acquisition of the aircraft loan portfolio. Blue II provided pre-delivery funding to reduce the initial cost outlay for the acquirer.

Outcome
The aircraft purchased through the Blue I and Blue II projects were used to create a self-sustaining Abu Dhabi owned and operated leasing company.

Royal Jordanian Airlines

Overview
First aircraft based offset transaction and part of the overall restructuring of Royal Jordanian.

Obligation
Four party obligation with total transaction value of $156m.

Solution
Utilised offset funding to refinance four Airbus A310-300 aircraft as part of an indirect foreign aid package from the UAE to the Kingdom of Jordan.

Outcome
The transaction brought together three ECAs and thirty-seven banks to cut lease payments on the aircraft in half thereby saving Royal Jordanian $180m in direct costs.

Project Faraasha

Project Faraasha is a 15 month advisory contract with Kuwait's National Offset Company (NOC) for capacity development, including project development, evaluation and implementation techniques, a suite of back-office support services and a comprehensive training programme.

Project Summit

Under a legacy company, Blenheim’s leadership was retained by seven UK, French and Italian defence manufacturers to design, implement and discharge their offset obligations to the government of Abu Dhabi for the sale of the Mirage 2000-9 and supplemental equipment resulting from the sale. The offset obligation incurred by the seven suppliers was in excess of $4 billion. The legacy company, in partnership with the United Arab Emirates Offsets Group (UOG) successfully discharged the obligation in full, in late 2000. Project Summit was the merger and acquisition of both downstream and upstream oil and gas assets with a particular focus in Europe. The project details remain confidential.

Gulf Airlines

Overview
The project used unexploited procurement gearing based on the airlines’ own finances and the active involvement of Airbus Industries to restructure a portion of Gulf Airlines’ A320 fleet.

Obligation
Single party $344m obligation.

Solution
Created a $156m financing package to restructure a portion of the lease payments for the fleet.

Outcome
The package relieved the owners of Gulf Air from a $200m cash call, enabling the airline to move successfully onwards with its growth and development in the mid 1990s to where it is today.

Holiday Inn Crown Plaza Beach Resort, Jubail

Overview
The project provided for the negotiation of a 100 year lease from the Royal Commission for Jubail and Yanbu to develop a 5 star beach resort hotel.

Obligation
A one party Turkish pre-offset relieving a $250m obligation.

Solution
The construction and development of the Al Jubail Intercontinental Hotel and associated beach and marina facilities.

Outcome
The project created the first beach resort in the Kingdom of Saudi Arabia which has been running for more than 30 years, generated new business opportunities with Turkey’s domestic construction industry by meeting a Turkish government objective of further strengthening economic, commercial and political ties with the Kingdom of Saudi Arabia.

Qatar Science and Technology Park (QSTP)

Overview
The QSTP was developed, designed and founded by Blenheim’s founder company Summit between 2001 and 2004, in partnership with the Qatar Foundation for Education Science and Community Development.

Obligation
Multi-party ongoing obligation linking a series of commercial and defence procurements.

Solution
A combination of cash, R&D funding, physical presence at the park, technology transfer and low volume high technology manufacturing was brought to the QSTP.

Outcome
The programme created the first Science & Technology park in the region bringing together more than 30 aerospace, defence and high technology companies from the Qatar supplier network working in partnership with Education City in Doha, and creating a platform for Qatari employment.

 
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