Goshawk Aviation has sold a portfolio of 18 aircraft to Pioneer Aircraft Finance Limited and Pioneer Aircraft Finance LLC (collectively Pioneer), a newly formed ABS entity. The portfolio comprises of 16 narrowbody, 1 widebody and 1 regional aircraft. As at March 31, 2019, the aircraft had an average age of 5.3 years and were on lease to 18 different lessees. Goshawk Management (Ireland) will act as Servicer and Asset Manager.
The Pioneer ABS structure included three series of fixed rate notes in addition to equity certificates in 144A / Reg S format with CUSIP and ISIN. 30% of the equity certificates are held by one or more funds and/or accounts managed or advised by Beach Point Capital Management LP, as the anchor investor. Goshawk retained 10% of the equity certificates.
Proceeds from the issuance of the Notes and equity will be used to acquire the Aircraft, fund certain accounts for the Notes and to pay certain expenses.
Chairman of Goshawk and Executive Director of NWS Holdings Limited, Brian Cheng said: ”This ABS transaction is a major milestone for Goshawk. We are pleased with the overwhelming market response reflecting investors’ appetite for our quality assets and Goshawk’s undertaking as the long-term asset manager.”
