Goshawk Aviation Limited has announced the sale of a portfolio of 18 aircraft to Pioneer Aircraft Finance Limited and Pioneer Aircraft Finance, a newly formed ABS entity.
The portfolio comprises of 16 narrowbody, one widebody and one regional aircraft, with the portfolio having an average age of 5.3 years, on lease to 18 different lessees. Goshawk Management Limited 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, 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.”
For the Notes, Mizuho Securities USA acted as global coordinator and sole structuring agent and left lead bookrunner, while Goldman Sachs, Credit Agricole and Citigroup acted as joint bookrunners.
For the equity, Mizuho Securities USA acted as global coordinator, sole structuring agent and left lead bookrunner.
Goldman Sachs acted as joint bookrunner. Milbank acted as lead counsel to Goshawk and Pioneer.
Hughes Hubbard & Reed acted as counsel to the global coordinator, the sole structuring agent and the joint bookrunners. KPMG acted as US and Irish tax advisors. Maples and Calder acted as Cayman Islands counsel and Walkers acted as Irish counsel. Maples Fiduciary Services will act as the managing agent for the Issuers.
Citibank, N.A. will act as trustee, security trustee, paying agent and operating bank for the Notes and as transfer agent, paying agent and operating bank.
Credit Agricole Corporate and Investment Bank will act as the liquidity facility provider. DealVector will provide certain investor services for the holders of the notes and equity