In 2013, Next Level Aviation (NLA) opened its doors in Fort Lauderdale, Florida. Today, the company is a top global supplier of commercial aircraft and jet engine used serviceable material (USM) with offices in both Dania Beach, Florida, and Dublin, Ireland. As an ASA-100 accredited and FAA Advisory Circular 00-56B compliant supplier, NLA provides key components for all Boeing and Airbus aircraft platforms and fleets.

The Need: Around (and Around) We Go

Aerospace is a highly cyclical industry and responds rapidly to market changes. As a result, many banks are reluctant to finance aerospace deals due to their inherent risk. 

Next Level Aviation CFO Ray Fernandez-Andes found himself in a challenging position last year: The company's previous lender informed NLA that it would be exiting the aerospace financing industry and would not renew any revolving lines of credit when they matured. This left NLA looking for an asset-based revolving line of credit to refinance existing revolvers and meet new capital needs.

The Solution: Listen and Learn

With NLA expanding rapidly, the company needed a credit solution that would both meet immediate needs and provide long-term stability. PNC Corporate Banking referred the request to PNC Business Credit, given the division's longstanding industry reputation offering senior secured finance solutions, and its experience in financing aerospace deals.

It was this experience that helped earn NLA's business. The PNC Business Credit team recognized that every aerospace company is different, and every financial circumstance is unique. This led to a simple solution: PNC listened.

PNC Business Credit and Corporate Bankers met, had lunch, and listened. They heard NLA's story, asked questions, and identified opportunities. This allowed PNC Business Credit to develop an optimal financing solution, but more importantly, created a culture of trust that led to a mutually beneficial relationship. For example, NLA's previous relationship manager attempted to move the company's business to a new branch by leaning on the company's familiarity with the bank. The knowledge and expertise offered by PNC teams, however, inspired enough confidence for Next Level Aviation to make the switch.

In October 2024, after three months of thrice-weekly check-in meetings, PNC closed a deal with NLA for a $50MM revolving line of credit. 

The Results: Retaining Equity, Building Bridges

With the $50MM line of credit in place, NLA was poised to move forward, but then asked PNC Business Credit to modify the original transaction. The company's goal was to exit its current relationship with a private equity investor, which would have resulted in a loss of business equity. Instead, the Business Credit team took a proactive approach, asking why NLA would choose this path if PNC's revolver could cover the cost.  

This focus on the NLA's long-term interests, rather than short-term financing goals, allowed the company to eliminate its private equity burden by paying senior debt prices rather than giving up equity, further solidifying its relationship with PNC. Additionally, the Business Credit team has closed the deal on a $30 million upsize, bringing the total revolving credit to $80 million, which includes lending to NLA's fully owned subsidiary in Ireland. This will also enable the company to both consolidate its financing and support future growth on a global basis. 

With PNC, NLA achieved:

  • A $50MM asset-based revolving line of credit, with a $30MM upsize. 
  • Retention of all business equity.
  • Custom-based finance solutions to support continued aerospace industry growth.

Let's build your brilliant

At PNC Bank, we lead by listening. The more we learn about our clients, the better prepared we are to create smart, steady solutions that help build your brilliant. Ready to see how we can help? You talk — we'll listen.  Connect with a Business Credit Business Development Officer today.