28 February 2018
- Emily Wicker, Philip Wagman, Clifford Cone, Lee Askenazi, Gareth Old, Pat Reisinger, Olga Miller, Ashwini Habbu, Allein Sabel, Thomas Kearney
- New York
Clifford Chance advises Global Jet Capital in connection with the offering of $608,030,000 Series 2018-1 Secured Notes
Clifford Chance has advised Global Jet Capital, Inc., as servicer, and Business Jets Securities LLC, as issuer, on the issuance of $496,810,000 Class A Notes Series 2018-1, $74,150,000 Class B Notes Series 2018-1 and $37,070,000 Class C Notes Series 2018-1 rated A (sf), BBB (sf) and BB (sf), respectively, by Kroll Bond Rating Agency. The Notes are secured by cash flow generated by various leases and loans of business jet aircraft serviced by Global Jet Capital, Inc. This is the first ABS capital markets financing backed exclusively by business jet assets.
Global Jet Capital was formed in 2014 by three asset management firms – The Carlyle Group, FS Investments (sub-advised by GSO Capital Partners, a Blackstone company), and AE Industrial Partners. Clifford Chance previously advised The Carlyle Group in the initial structuring and formation of Global Jet Capital and the acquisition financing of more than $2.3 billion of business jet aircraft since 2015.
The New York-based Clifford Chance team advising on this transaction was led by partner Emily DiStefano and associate Patrick Reisinger and included extensive support from partners Philip Wagman, Cliff Cone, Lee Askenazi and Gareth Old, associates Olga Miller, Ashwini Habbu, Allein Sabel and Tom Kearny, law clerk David Chambers and legal assistant Katie McKay.