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Conyers Dill & Pearman acted for the Issuers, START Ltd. and START Holding Ltd., in respect of an asset backed securitisation (“ABS”) comprising three tranches of notes secured on a portfolio of 24 in-production aircraft on lease to 16 global airlines in 15 countries, with an appraised value of approximately US$700 million.
This ABS transaction marks the first aircraft portfolio purchase vehicle structure to include a dedicated asset manager for equity investors. In this transaction GE Capital Aviation Services (“GECAS”) is selling a portfolio of aircraft to the Issuer, 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 Ltd. and the equity certificates issued by START Holding Ltd. on the Cayman Islands Stock Exchange.
Director Neil Henderson and Associate Angela Atherden of Conyers’ Bermuda office and Director Matthew Stocker of Conyers’ Cayman office advised on the matter.