DANBURY, Conn.--(BUSINESS WIRE)--Global Jet Capital, a global leader in financial solutions for business aircraft, announced today the closing of its BJETS 2019-1 securitization, raising approximately $517 million. BJETS 2019-1 is Global Jet Capital’s third ABS offering, bringing total assets securitized to over $2.1 billion.
The BJETS 2019-1 offering contained three tranches of notes: a $417.4 million Class A tranche; a $62.3 million Class B tranche; and a $37.4 million Class C tranche. Each tranche was oversubscribed and attracted orders from a wide variety of investors.
Citigroup was the Lead Structuring Agent and Lead Bookrunner for the transaction. Bank of America Merrill Lynch, Deutsche Bank Securities, Morgan Stanley, Carlyle Capital Solutions and FS/KKR were Joint Structuring Agents and Joint Bookrunners for the BJETS 2019-1 securitization. Global Jet Capital, Inc. will continue to service the assets.
In conjunction with closing the BJETS 2019-1 securitization, Global Jet Capital also extended the term of its $900 million senior secured revolving warehouse credit facility.
Shawn Vick, CEO of Global Jet Capital, stated, “This marks our third successful ABS transaction. We are pleased that we continue to broaden our investor base with each new offering, having added several new investors to BJETS 2019-1 who were attracted to the business aviation sector and our company. We also appreciate the support of our existing lenders and the confidence that their continued commitment to the credit facility reflects in our business. “
Global Jet Capital plans to continue to use the ABS market as an integral part of its funding strategy in the future.
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Global Jet Capital
With over $2.0 billion in assets under management, Global Jet Capital provides financing solutions for the business aircraft market. The Company is capitalized by world-class private investors with expertise in the global aviation industry: The Carlyle Group, FS/KKR Advisor, LLC, a partnership between FS Investments and KKR Credit, and AE Industrial Partners. The Global Jet Capital management team has served the business aircraft industry for a combined 200-plus years and has completed over 3,500 aircraft transactions. 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.
The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $222 billion of assets under management across 360 investment vehicles as of March 31, 2019. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,725 people in 33 offices across six continents. Visit www.carlyle.com to learn more.
FS/KKR Advisor, LLC
FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to BDCs with approximately $17 billion in assets under management as of March 31, 2019. The BDCs managed by FS/KKR include FS KKR Capital Corp. (NYSE: FSK), FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV and Corporate Capital Trust II.
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth, and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit www.fsinvestments.com to learn more.
KKR Credit is a subsidiary of KKR & Co. Inc., a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
AE Industrial Partners
AE Industrial Partners is a private equity investment company founded in 1998, by David Rowe and his late father, aviation pioneer Brian Rowe, to make direct investments in aerospace, power generation and specialty industrial companies. Today AE Industrial is led by 11 partners with each having an average of over 30 years of relevant operating and direct investment experience. AE Industrial is focused on investing in precision component manufacturing, distribution, MRO (maintenance, repair and overhaul) and industrial service-based businesses that are strategically important to their market places. AE Industrial has invested in over 50 companies including: Aviall, Dynamic Precision Group, Grand Prairie Accessory Services, Moeller Aerospace, Landmark Aviation, Kellstrom Materials and Belcan Corporation. Visit www.aeroequity.com to learn more.