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Global Jet Capital, a global leader in financial solutions for business aircraft, has announced the closing of its BJETS 2019-1 securitization, raising approximately $517m. BJETS 2019-1 is Global Jet Capital’s third ABS offering, bringing total assets securitized to over $2.1bn.

The BJETS 2019-1 offering contained three tranches of notes: a $417.4m Class A tranche; a $62.3m Class B tranche; and a $37.4m Class C tranche. Each tranche was oversubscribed and attracted orders from a wide variety of investors.

Citigroup was the Lead Structuring Agent and Lead Bookrunner for the transaction. Bank of America Merrill Lynch, Deutsche Bank Securities, Morgan Stanley, Carlyle Capital Solutions and FS/KKR were Joint Structuring Agents and Joint Bookrunners for the BJETS 2019-1 securitization. Global Jet Capital, Inc. will continue to service the assets.

In conjunction with closing the BJETS 2019-1 securitization, Global Jet Capital also extended the term of its $900m senior secured revolving warehouse credit facility.

Shawn Vick, CEO of Global Jet Capital, said, “This marks our third successful ABS transaction. We are pleased that we continue to broaden our investor base with each new offering, having added several new investors to BJETS 2019-1 who were attracted to the business aviation sector and our company. We also appreciate the support of our existing lenders and the confidence that their continued commitment to the credit facility reflects in our business. “

Global Jet Capital plans to continue to use the ABS market as an integral part of its funding strategy in the future.

BlueSky Business Aviation News | 27th June 2019 | Issue #516