GECAS and Oz Management have announced the closing of STARR 2018-1. Operating as START Ltd., this closing marks the first aircraft portfolio purchase vehicle structure to include a dedicated Asset Manager for equity investors.
In this transaction GECAS is selling a portfolio of aircraft to Start Ltd, which is financing its acquisition through issuance of 144A debt and equity. The sales are subject to typical conditions precedent including any regulatory approvals that may be necessary. GECAS will continue to service the portfolio and an affiliate of Oz will serve as an Asset Manager.
The diversified portfolio is comprised of 24 in-production Boeing and Airbus aircraft on lease to 16 global airlines in 15 countries, with a total appraised value of approximately US$700 million.
An affiliate of Oz, through an exclusive, multi-year agreement with GECAS, will serve as an asset manager on this and potential future transactions, acting on behalf of the syndicated equity investors as an advisor to the board regarding portfolio matters. In this capacity, Oz will provide increased transparency on behalf of START Ltd. through enhanced investor reporting to improve liquidity for debt and equity investors.
