Conyers acted as Bermuda counsel to Sky Aviation Leasing International Limited (“Sky”), as servicer and S-JETS 2017-1 Limited (“S-JETS”) a Bermuda company, as issuer in connection with Sky’s US$780.8 million debut asset‐backed securities (ABS) deal, pursuant to which S-JETS issued US$657,800,000 Series A Notes, US$81,000,000 Series B Notes and US$42,000,000 Series C Notes (together, “the Notes”).
The transaction which closed on 22 August 2017, is backed by a fleet of 21 aircraft on lease to 16 airlines in 13 countries with an initial total value of approximately US$990 million.
Deutsche Bank Securities, Inc., Bank of America Merrill Lynch and Crédit Agricole Securities (USA) Inc. are joint leads on the ABS and the initial purchasers. Phoenix American Financial Services, Inc. is the managing agent for the transaction. Wells Fargo Bank, N.A. acted as trustee, security trustee and operating bank and Crédit Agricole Corporate and Investment Bank acting through its New York Branch is the initial facility provider.
Upon closing the Notes were listed on the Bermuda Stock Exchange (BSX). Clarien BSX Services Limited acted as the Listing Sponsor.
Jason Piney, Alexandra Macdonald and Cathryn Minors of Conyers advised on the matter, working alongside Vedder Price as to United States law and McCann FitzGerland as to Irish law. Milbank, Tweed Hadley & McCloy LLP provided United States law advice to the initial purchaser.