Global Jet Capital completes first securitization for $608 million

Global Jet Capital has 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