Global Jet Capital, a global provider of financial solutions for business aircraft, closed its inaugural securitization, the USD 608 million BJETS 2018-1 transaction, which priced on February 21, 2018, the company said.
The transaction marks the first ABS capital markets financing backed exclusively by business jet operating leases and loans.
The notes were structured in three tranches: a USD 497 million Tranche, rated A by Kroll; a USD 74 million tranche, rated BBB by Kroll; and a USD 37 million tranche, rated BB by Kroll. The transaction was almost 3-times oversubscribed, generating more than USD 1.7 billion in orders from more than 30 unique investors.
Deutsche Bank Securities was the Lead Structuring Agent and Lead Bookrunner for the transaction. BofA Merrill Lynch and Citigroup were Joint Structuring Agents and Joint Bookrunners, and Morgan Stanley was Joint Bookrunner. Global Jet Capital will continue to service the assets.
With over USD 2.0 billion in assets under management, Global Jet Capital provides financing solutions for the business aircraft market. The company is capitalized by world-class private investors with expertise in the global aviation industry: The Carlyle Group, FS Investments (sub-advised by GSO Capital Partners, a Blackstone company), and AE Industrial Partners. Visit www.globaljetcapital.com to learn more.
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with USD 195 billion of assets under management across 120 funds and 197 fund of funds vehicles as of December 31, 2017. Visit www.carlyle.com to learn more.
GSO Capital Partners, with approximately USD 105 billion in assets under management, is part of the credit platform of The Blackstone Group, a global institutional alternative asset manager, with assets under management of over USD 430 billion*. Visit www.blackstone.com/gso to learn more.
FS Investments is a asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit www.fsinvestments.com to learn more.
AE Industrial Partners is a private equity investment company founded in 1998, by David Rowe and his late father, aviation pioneer Brian Rowe, to make direct investments in aerospace, power generation and specialty industrial companies. Visit www.aeroequity.com to learn more.