Conyers’ Bermuda office acted for the Issuers, START II Ltd and START Holding II Ltd, in respect of an asset backed securitisation (“ABS”) comprising three tranches of notes secured on a portfolio of 20 in-production aircraft on lease to 13 global airlines in 11 countries, with an appraised value of approximately US$597 million. The notes comprise US$382 million Series A Fixed Rate Secured Notes Series 2019-1, US$69 million Series B Fixed Rate Secured Notes Series 2019-1, US$23 million Series C Fixed Rate Secured Notes Series 2019-1, along with US$99.55 million Class E Participating Certificates.
This ABS transaction marks another aircraft portfolio purchase vehicle structure which includes a dedicated asset manager for equity investors. In this transaction GECAS is selling a portfolio of aircraft to Start II Ltd., which is financing its acquisition through issuance of 144A debt and equity. GECAS will continue to service the portfolio and an affiliate of Oz will serve as an Asset Manager.
Conyers also provided Cayman Islands legal advice in respect of the listing of the Notes issued by START II Ltd. and the equity certificates issued by START Holding II Ltd on the Cayman Stock Exchange.
Director Neil Henderson, Counsel Angela Atherden and Associate Elizabeth Blakendal of Conyers’ Bermuda office and Partner Matthew Stocker of Conyers Cayman office advised on the matter, working alongside Milbank.