NEW YORK--(BUSINESS WIRE)--Napier Park Global Capital (“Napier”), a global alternative asset management firm, announced today that investments managed by the firm’s Real Assets group have received awards for long-term financing transactions in each of the aviation- and railcar- leasing sectors.
Aviation Economics “Overall Deal of the Year” was awarded to Blackbird Capital Aircraft Lease Securitization Limited 2016-1 ABS (“BBIRD 2016-1”). The $800 million Asset-Backed Securitization (“ABS”), issued by affiliates of Napier’s aircraft leasing fund as part of its Blackbird Capital I LLC (“Blackbird”) joint venture with Air Lease Corporation (NYSE: AL), was recognized for the innovative structure employed and for setting aviation industry benchmarks including: the first post-Financial Crisis AA tranche of rated securities; the lowest blended cost of funds through the BBB-rated class of notes; the largest number of investors to both bid and invest; and the shortest period to execute a transaction. The issuance also achieved ratings on its residual certificates, potentially offering Napier’s aircraft leasing fund investors more regulatory-capital efficiency in accessing equity-like investments.
In addition to recognizing the success of Blackbird’s maiden securitization issuance, Aviation Economics also awarded “Finance and Treasury Team of the Year” to Air Lease Corporation’s finance group, led by Chief Financial Officer Greg Willis, and “Face of Aviation” to Steven F. Udvar-Hazy, founder and Chairman of Air Lease Corporation. Napier joins Aviation Economics and the broader aviation industry in congratulating our joint venture partners. Aviation Economics’ Aviation 100 Awards took place on January 16, 2017 at the Royal Dublin Society in Dublin, Ireland.
Global Transport Finance’s “Deal of the Year” award in the railcar category was given to NPRL Rail 2016-1, a $260 million railcar ABS issued by affiliates of a fund sponsored by Napier Park. NPRL 2016-1 earned recognition: as the first railcar ABS to be rated by two rating agencies post-Financial Crisis; as the first transaction to incorporate a rental sharing agreement; and for introducing two first-time investors to the railcar ABS asset class. Additionally, NPRL 2016-1 was recognized as the first railcar ABS transaction with rated residual certificates. The Global Transport Finance 2016 Annual Awards & Gala Dinner took place on Monday, January 23, 2017 at Merchant Taylors’ Hall in London, United Kingdom.
“These awards highlight the positive market reception of our long-term financing strategy, which provides a foundation for our real assets investments,” stated Manu S. Rana, Partner at Napier Park. “Both ABS issuances, in distinct industries, are characterized by a focus on long-term, prudent and equity-friendly financing that seeks to maximize downside protection and flexibility, thereby enhancing our ability to achieve attractive absolute and risk-adjusted returns. We are grateful to both publications for recognizing our efforts, and those of our joint venture partners, and thank them for these awards.”
About Napier Park Global Capital
Napier Park Global Capital is an independent alternative asset management firm that manages approximately USD $7.6 billion as of December 31, 2016. The firm offers a diversified product mix including credit funds, private investments, CLOs, structured credit and bespoke client solutions to large, sophisticated institutional investors. Napier Park Global Capital has offices in New York, London and Switzerland. For more information, visit: www.napierparkglobal.com