Business aircraft financier Global Jet Capital has closed its third securitization in a little more than a year, raising $517 million, the Connecticut-based company announced June 20. The "BJETS 2019-1" securitization was the company’s third asset-backed security (ABS) offering with total assets securitized now reaching more than $2.1 billion. It concluded its first securitization for $608 million in late February 2018, followed by a second securitization in June 2018, raising $674 million.
“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,” Global Jet Capital CEO Shawn Vick said. “We also appreciate the support of our existing lenders and the confidence that their continued commitment to the credit facility reflects in our business.”
This latest ABS included a $417.4 million Class A tranche; a $62.3 million Class B tranche; and a $37.4 million Class C tranche, each of which was oversubscribed and attracted orders from a variety of investors, according to Global Jet Capital, which was established in 2014 by three global investment firms and industry veterans to offer financing options to the business aviation market. Global Jet Capital plans to continue using the ABS market as a piece of its funding strategy.