Global Jet Capital, a global provider of financial solutions for business aircraft, closed its BJETS 2021-1 securitization, raising approximately $663 million. BJETS 2021-1 is Global Jet Capital’s fifth ABS offering, bringing total assets securitized to more than $3.6 billion and bonds issued to more than $2.9 billion.

The BJETS 2021-1 offering contained three tranches of notes: a $538.3 million Class A tranche, a $78 million Class B tranche and a $46.8 million Class C tranche. Each tranche was oversubscribed and attracted orders from more than 40 investors.

As with previous BJETS transactions, this deal consists of a collection of business aircraft loans and leases representing a diverse group of obligors and assets. BJETS 2021-1 consists of more than 45 corporations and global business leaders, representing more than 10 different industry segments, from pharmaceuticals to consumer durables. More than 20 different aircraft models — primarily mid- to large-cabin business aircraft — are represented in the transaction.

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

“We are very pleased with the outcome related to BJETS 2021-1, which is coming off the heels of the success we had with BJETS 2020-1,” Shawn Vick, CEO of Global Jet Capital, said. “With each new issuance, we are bringing in new investors to the platform, in this case, 15 new accounts. The transaction was seven times subscribed, and our coupon rates again improved as the ABS market continues to show growing understanding and confidence in the business aviation sector and Global Jet Capital.”