Element Financial announced the closing of a $1.21 billion debt offering of ECAF I, Series 2015-1 Notes. The company acted as structurer in the formation of ECAF I and sourced the third-party institutional equity co-investors in this new asset backed securities (ABS) issuer.

The company will also act as the ongoing administrator to ECAF I Ltd. and has retained BBAM Aviation Services Limited, an affiliate of BBAM Limited Partnership, to act as the servicer with respect to the portfolio under the terms of a multi-year contract.

“ECAF I is the largest pooled-aircraft ABS transaction in nearly a decade,” said David McKerroll, president of Element’s rail and aviation group. “The market’s overwhelming support for this precedent-setting transaction sets a new benchmark for future issuance in the commercial aviation ABS market and brings a new level of liquidity to the asset class,” added McKerroll.

The offering was comprised of three tranches of ABS notes as summarized below to be secured by a portfolio of 49 current-generation, in-production commercial passenger aircraft manufactured by Boeing and Airbus, with an initial appraised value of approximately $1.57 billion, on lease to 38 airlines.

Read the full news release here.