Global Jet Capital closes $617M ABS offering
Business aircraft financial solutions provider Global Jet Capital announced the closing of its BJETS 2024-2 securitisation, raising approximately $617m.
“We are pleased with the success of our latest issuance, which underscores the strength of the BJETS securitisation program and the strong performance of our previous ABS transactions,” said Vivek Kaushal, CEO, Global Jet Capital.
This is company’s eighth asset-backed security (ABS) offering, bringing total assets securitised to approximately $5.8bn and bonds issued to approximately $4.8bn. BJETS 2024-2 includes 29 leases and loans to corporations and global business leaders representing 18 unique industries. Twelve different aircraft models – primarily mid- to large-cabin business aircraft – are represented in the transaction.
The offering contained three tranches of notes including a $490.4m Class A tranche, a $79.4m Class B tranche, and a $47.3m Class C tranche.
The transaction attracted 37 unique investors, eight of which were new to the BJETS program.
As with previous BJETS issuances, BJETS 2024-2 securitizes the cash flows from business aircraft loans and leases representing a diverse group of obligors and assets.
BofA Securities was the lead structuring agent and lead bookrunner and Deutsche Bank Securities, Morgan Stanley, Citigroup, KKR Capital Markets and Carlyle were joint structuring agents and joint bookrunners for the BJETS 2024-2 transaction. In addition, Citizens Capital Markets was a co-manager.
