Milbank LLP represented Deutsche Bank, as lead arranger and lead structuring agent, of $808 million debt financing transactions for Global Jet Capital, a global provider of financial solutions for business aircraft. The financing transactions included a secured $200 million warehouse credit facility and an inaugural $608 million securitization (BJETS 2018-1). The securitization transaction marks the first ABS capital markets offering backed exclusively by business jet operating leases and loans. The securitization transaction was almost three times oversubscribed, generating more than $1.7 billion in orders from more than 30 unique investors. Global Jet Capital will continue to service all the assets. Milbank also represented Deutsche Bank, Bank of America and Citi as joint lead arrangers of a secured $2.31 billion acquisition and warehouse credit facility in connection with Global Jet Capital’s purchase of GE’s corporate aircraft finance portfolio in 2015.
The New York-based Milbank team advising on the transactions was led by partner Helfried Schwarz for the warehouse credit facility and partners Jim Pascale and Brett Nadritch for the securitization transaction, with support from special counsel Lesley Janzen and from associates, David Berkery, Alex Barlow, Josh Forman and Dylan Scher.
