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Global Jet Capital completes 1st securitization

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Global Jet Capital completes 1st securitization

Global Jet Capital Inc. has completed its first issuance of asset-backed securities.

The $608 million transaction, backed by business jet operating leases and loans, were structured in tranches of $497 million, $74 million and $37 million. The transaction was almost 3x oversubscribed, generating more than $1.7 billion in orders from 30 investors, the company said.

Global Jet Capital will continue to service the assets, and plans to keep using the ABS market as a key part of its funding strategy.

Deutsche Bank Securities was the lead structuring agent and lead book runner for the transaction. Bank of America Merrill Lynch and Citigroup were joint structuring agents and joint book runners, while Morgan Stanley was joint book runner.