Floreat has announced its investment in Air Lease Corporation’s (ALC) new asset-backed securitisation (ABS).
Known as Thunderbolt III, the newly-formed entity (Thunderbolt III Aircraft Lease Limited) will purchase a portfolio of 19 commercial aircraft on operating lease to 18 airlines in 15 countries. The airlines are diversified globally and over half are national flag carriers. Names include Vueling, Air France, China Airlines and Aerolineas Argentinas.
The structure includes two series of fixed rate notes and equity certificates.
Air Lease Corporation is one of the leading global aircraft lessors, they undertook a detailed analysis of the portfolio to ensure that the transaction met their stringent investment underwriting requirements. Mizuho Securities USA LLC acted as global coordinator and a joint lead structuring agent and bookrunner.
“We continue to see attractive investment opportunities in the aircraft leasing asset class, particularly in ABS transactions, and will be deploying further capital into such structures.” Mark Rogers, Managing Director, Aviation
Greg Willis, CFO of Air Lease Corporation stated: “ALC would like to thank Floreat for their support of Thunderbolt III. It was a pleasure to work with the Floreat team and, given Floreat’s aspiration to continue investment into this sector, we look forward to working with them again“.