Vedder Price Represents ITE Management in Closing of Thunderbolt II Asset Backed Securitization
Vedder Price is pleased to announce that it advised ITE Management as the anchor equity investor in Air Lease Corporation’s Thunderbolt II aircraft asset backed securitization (ABS). The Thunderbolt II structure is secured by a portfolio of 18 narrowbody and widebody jet aircraft on lease to 16 lessees based in 15 countries.
The deal includes a traditional capital markets offering of two series of fixed rate notes and equity in the form of Aircraft Portfolio Shares (APS), comprised of 90% Global Aircraft Portfolio Shares (GAPS) and the 10% Certificated Aircraft Portfolio Shares (CAPS), purchased by an investment vehicle controlled by ITE Management. Air Lease Corporation remains as servicers and portfolio manager for the aircraft. This innovative equity structure is intended to create a broadly distributed asset that is more tradeable than the traditional E notes in an aircraft asset backed securitization.
Global Transportation Finance Shareholders Jeffrey Veber and Michael Draz, Capital Markets Shareholder Kevin MacLeod and Corporate Tax Shareholder Matthew Larvick led the team for Vedder Price.
Vedder Thinking | News Vedder Price Represents ITE Management in Closing of Thunderbolt II Asset Backed Securitization
Press Release
August 8, 2018
Vedder Price is pleased to announce that it advised ITE Management as the anchor equity investor in Air Lease Corporation’s Thunderbolt II aircraft asset backed securitization (ABS). The Thunderbolt II structure is secured by a portfolio of 18 narrowbody and widebody jet aircraft on lease to 16 lessees based in 15 countries.
The deal includes a traditional capital markets offering of two series of fixed rate notes and equity in the form of Aircraft Portfolio Shares (APS), comprised of 90% Global Aircraft Portfolio Shares (GAPS) and the 10% Certificated Aircraft Portfolio Shares (CAPS), purchased by an investment vehicle controlled by ITE Management. Air Lease Corporation remains as servicers and portfolio manager for the aircraft. This innovative equity structure is intended to create a broadly distributed asset that is more tradeable than the traditional E notes in an aircraft asset backed securitization.
Global Transportation Finance Shareholders Jeffrey Veber and Michael Draz, Capital Markets Shareholder Kevin MacLeod and Corporate Tax Shareholder Matthew Larvick led the team for Vedder Price.
