Global Jet Capital Completes Securitization, Raising $575M
April 16 2024 - 8:45AM
Global Jet Capital, a global leader in financial solutions for
business aircraft, announced today the closing of its BJETS 2024-1
securitization, raising approximately $575 million. BJETS 2024-1 is
Global Jet Capital’s seventh asset-backed security (ABS) offering,
bringing total assets securitized to approximately $5.1 billion and
bonds issued to approximately $4.2 billion.
The BJETS 2024-1 offering contained three tranches of notes: a
$459.9 million Class A tranche, a $73.0 million Class B tranche,
and a $42.0 million Class C tranche. S&P Global Ratings and
Kroll Bond Rating Agency LLC assigned BJETS 2024-1 ratings of A/A,
BBB+/BBB and BB/BB on the Class A, B and C tranches, respectively.
The transaction attracted 38 unique investors, 7 of which were new
to the BJETS program.
As with previous BJETS issuances, BJETS 2024-1 securitizes the
cash flows from business aircraft loans and leases representing a
diverse group of obligors and assets. BJETS 2024-1 includes 31
leases and loans to corporations and global business leaders
representing over 18 different industries. 21 different aircraft
models – primarily mid- to large-cabin business aircraft – are
represented in the transaction.
Citigroup was the lead structuring agent and lead bookrunner and
Deutsche Bank Securities, Morgan Stanley, BofA Securities and KKR
Capital Markets were joint structuring agents and joint bookrunners
for the BJETS 2024-1 transaction. In addition, Citizens Capital
Markets was a co-manager. Global Jet Capital will continue to
service the securitized assets.
Vivek Kaushal, CEO of Global Jet Capital, stated, “We are very
pleased with the results of our latest successful issuance. It
underscores the robustness of the BJETS securitization program and
the strong performance of the company’s previous ABS transactions.
We continue to broaden our investor base, demonstrating the
increasing appeal of the business aviation sector and our company.
We also appreciate the support of our existing lenders and their
continued commitment and confidence in our business. This
successful issuance is underpinned by the hard work and dedication
of the Global Jet Capital team, and I am grateful for their
contributions.”
Notes to editors
About Global Jet Capital
With more than $4 billion in originations, Global Jet Capital
provides comprehensive financing solutions for the business
aircraft market. The Global Jet Capital management team has served
the business aircraft industry for a combined 325-plus years. 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.
- Vivek Kaushal, CEO of Global Jet Capital
Aimee Talbert Nardini
Global Jet Capital
5612121594
atalbertnardini@globaljetcapital.com