BOCA RATON, Fla., March 1, 2018 /PRNewswire/ — Global Jet Capital, a global provider of financial solutions for business aircraft, closed its inaugural securitization, the $608 million BJETS 2018-1 transaction, which priced on February 21, 2018. 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 $497 million Tranche, rated A by Kroll; a $74 million tranche, rated BBB by Kroll; and a $37 million tranche, rated BB by Kroll. The transaction was almost 3-times oversubscribed, generating more than $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.
Shawn Vick, CEO of Global Jet Capital, stated, “The investor community is increasingly looking to diversify their portfolios to reduce risk and find new opportunities. Their response to our offering is testament to both the strong portfolio of assets we have created, and the expertise of the management team. We are especially pleased at the range of investors we have attracted and look forward to delivering strong value for them.”
Global Jet Capital plans to continue to use the ABS market as an integral part of its funding strategy in the future.
Notes to editors
Global Jet Capital
With over $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. The Global Jet Capital management team has served the business aircraft industry for a combined 200-plus years and has completed over 3,500 aircraft transactions. The Company has the expertise, financial strength, industry relationships and infrastructure necessary to offer a variety of flexible financing solutions at the speed the market requires. Visit www.globaljetcapital.com to learn more.
The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $195 billion of assets under management across 120 funds and 197 fund of funds vehicles as of December 31, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,600 people in 31 offices across six continents. Visit www.carlyle.com to learn more.
GSO Capital Partners
GSO Capital Partners, with approximately $105 billion in assets under management, is part of the credit platform of The Blackstone Group, a leading global institutional alternative asset manager, with assets under management of over $430 billion*. Visit www.blackstone.com/gso to learn more.
FS Investments is a leading 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
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. Today AE Industrial is led by 11 partners with each having an average of over 30 years of relevant operating and direct investment experience. AE Industrial is focused on investing in precision component manufacturing, distribution, MRO (maintenance, repair and overhaul) and industrial service-based businesses that are strategically important to their market places. AE Industrial has invested in over 50 companies including: Aviall, Dynamic Precision Group, Grand Prairie Accessory Services, Moeller Aerospace, Landmark Aviation, Kellstrom Materials and Belcan Corporation. Visit www.aeroequity.com to learn more.
Aimee Talbert Nardini, Global Jet Capital
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SOURCE Global Jet Capital