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Conyers advises START III Ltd. and START Holding III Ltd. on a US$539 million asset backed securitisation

Conyers’ Bermuda office acted for the Issuers, START III Ltd. and START Holding III Ltd. in respect of an asset backed securitisation (ABS) comprising three tranches of notes secured on a portfolio of 20 in-production narrow-body aircraft with a total appraised value of approximately US$539 million.  START III is financing its acquisition through its issuance of 144A/Reg. S debt and equity. Similar to the STARR 2018-1 transaction – the first aircraft portfolio purchase to include 144A tradeable equity and a dedicated asset manager for equity investors – and STARR 2019-1, an affiliate of Sculptor will serve as an asset manager and GECAS will continue to service the portfolio.

The notes comprise US$355.047 million A-rated A notes, with an initial loan-to-value (LTV) of 65.9%; US$56.570 million BBB-rated B notes with a 76.4% initial LTV; and US$34.72million C notes, rated BB, with an 82.8% initial LTV , with an e note tranche.

Director Neil Henderson and Counsel Angela Atherden of Conyers’ Bermuda office advised on this matter.


Neil Henderson

Bermuda   +1 441 298 7846


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