Global Jet Capital has closed its BJETS 2024-2 securitisation, raising approximately $617 million. BJETS 2024-2 is the company’s eighth asset-backed security (ABS) offering, bringing the total assets securitised to approximately $5.8 billion and bonds issued to approximately $4.8 billion.

The BJETS 2024-2 offering contained three tranches of notes: a $490.4 million Class A tranche, a $79.4 million Class B tranche and a $47.3 million Class C tranche. S&P Global Ratings and Kroll Bond Rating Agency assigned BJETS 2024-2 ratings of A/A, BBB+/BBB and BB/BB on the Class A, B and C tranches respectively. The transaction attracted 37 unique investors, eight of which were new to the BJETS programme.

As with previous BJETS issuances, BJETS 2024-2 securitises the cash flows from business aircraft loans and leases representing a diverse group of obligors and assets. BJETS 2024-2 includes 29 leases and loans to corporations and global business leaders across 18 different industries. Twelve different aircraft models, primarily mid to large-cabin business aircraft, are represented in the transaction.

BofA Securities was the lead structuring agent and lead bookrunner and Deutsche Bank Securities, Morgan Stanley, Citigroup, KKR Capital Markets and Carlyle were joint structuring agents and joint bookrunners for the BJETS 2024-2 transaction. In addition, Citizens Capital Markets was a co-manager. Global Jet Capital will continue to service the securitised assets.

GJC CEO Vivek Kaushal says: “We are pleased with the success of our latest issuance, which underscores the strength of the BJETS securitisation programme and the strong performance of our previous ABS transactions. As we celebrate the 10th anniversary of our founding, our growing investor base reflects the capabilities of our platform. We're also thankful for the ongoing support of our existing lenders and their continued commitment and confidence in our business. This achievement is the direct result of the dedication and hard work of the Global Jet Capital team, and I am grateful for their contributions.”