Norton Rose Fulbright advises MUFG on debut JOLCO financing for Viva Aerobus

Global law firm Norton Rose Fulbright has advised Mitsubishi UFJ Financial Group (MUFG) on a Japanese Operating Lease with Call Option (JOLCO) financing for Viva Aerobus, supported by equity from Three i's Capital Co., Ltd.

The transaction represents Viva Aerobus' first JOLCO financing, as well as Three i's Capital's debut investment in an aircraft JOLCO. The facility supported the delivery of an Airbus A321-271NX in May 2026.

MUFG acted as sole structuring agent and lender in the transaction, while Three i's Capital acted as equity underwriter. The financing supports Viva Aerobus' fleet strategy and expands the range of funding options available to the airline through the use of JOLCO structures.

The cross-border Norton Rose Fulbright team was led by Global Co-Head of Transport and Global Head of Aviation Duncan Batchelor in London, supported by senior associate Chiranj Shah and trainee solicitor Jasmine Tung. Tokyo-based partner Akihiko Takamatsu and New York-based partner Fiona Henderson advised on Japanese and US law aspects, respectively.

Duncan Batchelor commented:

"This transaction highlights the continued momentum behind JOLCO structures in the aviation sector. It is particularly notable as a first for both Viva Aerobus and for Three i's Capital entering this asset class."

"We are pleased to have supported MUFG on a financing that demonstrates the flexibility of cross-border capital solutions in meeting evolving fleet requirements."

Norton Rose Fulbright has an award-winning global aviation finance practice, advising financial institutions, lessors and airlines on complex, cross-border aircraft financing transactions, including operating leases, JOLCOs and other structured finance solutions.

The firm has advised on a number of significant JOLCO financings in recent years, including its roles advising TAP Air Portugal on a landmark transaction, marking the airline's re-entry into the JOLCO market after more than twenty years and Ocean Network Express Pte. Ltd. on an ECA-backed JOLCO financing for four next-generation container vessels.