The Maples Group has advised FTAI Aviation on a US$612 million aircraft lease asset-backed securitisation.
The transaction marks FTAI’s debut issuance of the type and involved the sale of Class A and Class B notes listed on the Cayman Islands Stock Exchange.
The proceeds will finance a portfolio of 48 commercial aircraft leased to 23 lessees across global markets.
The Maples Group provided Cayman Islands legal advice and acted as listing agent, share trustee and independent director on the transaction.
Its team worked alongside FTAI’s lead counsel, Gibson, Dunn and Crutcher LLP.
The Maples Group’s Cayman legal team included Cayman head of finance Jonathon Meloy Cayman co-head of asset finance Anthony Philp, associate Sorcha O’Keefe and associate Isa Martin.
Its fiduciary team included senior vice presidents Mark Gordon and Phillip Hinds.
The two classes of notes were significantly oversubscribed, according to the Maples Group, following what it described as strong investor demand.
In a press release on 23 September, Philp said the transaction required legal and fiduciary support across several areas of the aircraft finance structure.
“This inaugural ABS issuance represents a significant achievement for FTAI Aviation and underscores the ongoing evolution of aircraft lease securitisation as a key financing tool,” he said.
“We are pleased to have supported FTAI through our unmatched expertise and ability to provide seamless multi-disciplinary asset finance support required for ABS transactions.”
The Maples Group operates from 15 offices and said it acts for more than 50% of lessors in the aircraft ABS market.
Its services in the sector include legal advice on the laws of the British Virgin Islands, Cayman, Ireland, Jersey and Luxembourg, as well as managing agent, Delaware co-issuer, share trustee, independent directorship and management services.
In a separate transaction, Maples and Calder, the Maples Group’s law firm, advised StepStone Group on the Cayman legal aspects of establishing vehicles for its $1.7 billion infrastructure secondaries fund.
