Global Jet Capital said it has signed an agreement to purchase approximately USD2.5 billion in net assets from GE Capital´s Corporate Aircraft portfolio in the Americas.
The portfolio has adhered to the most comprehensive underwriting and collateral evaluation practices and it has industry leading documentation and collateral securing processes.
In addition to GE´s aircraft loan and lease portfolio, the GE Capital Corporate Aircraft team will join the Global Jet Capital organization.
Global Jet Capital, which was launched last year, is capitalized by investment funds managed by Franklin Square Capital Partners (sub-advised by GSO Capital Partners, a Blackstone company); The Carlyle Group; and AE Industrial Partners.
A portion of the committed financing for the transaction was provided by FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III) and FS Energy & Power Fund (FSEP), BDCs managed by affiliates of Franklin Square and sub-advised by GSO Capital Partners LP (GSO) or its affiliates.
The transaction is expected to close in stages over the next several months, subject to customary regulatory and other approvals.