Air Lease Corporation has initiated the sale of a portfolio of 18 aircraft to Thunderbolt II Aircraft Lease Limited (Thunderbolt II), a newly formed entity. The aircraft comprise a mix of narrowbody and widebody jet aircraft that, as of April 30, 2018, had an average age of 8.0 years and were leased to 16 lessees based in 15 countries. Air Lease Corporation and its Irish affiliate, ALC Aircraft Limited, will act as servicers and portfolio manager with respect to the aircraft. ALC estimates that the process of transfer and sale of the majority of aircraft will occur progressively during Q3 and Q4 2018.
The Thunderbolt II structure included 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 10% Certificated Aircraft Portfolio Shares (CAPS). The CAPS were purchased by an investment vehicle controlled by ITE Management L.P., and ALC retained 5% of the equity as planned.
Proceeds from the issuance of the Notes and the APS will be used to acquire the aircraft, fund certain accounts for the Notes and pay certain expenses.
