Alston & Bird advised on a $450 million aircraft asset-backed securitization named the 2018 “Overall Capital Markets Deal of the Year” by Airfinance Journal.
The firm represented Citibank, N.A. as trustee, security trustee, and operating bank in connection with Air Lease Corporation’s Thunderbolt II issuance of $450 million of notes secured by 18 aircraft on lease to 16 lessees in 15 countries.
The transaction was noteworthy because it introduced the first 144A / Reg S Aircraft Portfolio Shares to the market and was the first aircraft ABS deal to use a passive foreign investment company tax structure that facilitates offshore ownership and removes tax-related transfer restrictions.
Representing Citibank in the transaction was an Alston & Bird team led by Antone Little, Jason Solomon, and Drew Peterson of the firm’s Finance Group.