Aergen is looking for a financial sponsor to replace current shareholder Greenbriar Equity Group, according to sources familiar with the deal.
The Dublin-based lessor is looking for a new capital partner to replace Greenbriar, four sources confirm to FlightGlobal. The deal is likely to include taking the equity position in Aergen's HAIL 2017-1 deal as well as providing capital for future origination, says one banking source.
Deutsche Bank, which structured Aergen's two securitisations, has been mandated.
First-round bids are in and management presentations are ongoing, says another lessor not involved in the process.
Greenbriar, leading a group of investors, capitalised the lessor when it was established in 2014 with $200 million in equity.
Aergen issued its first securitisation to fund the purchase of 19 aircraft in June 2016, and refinanced it in November 2017 with a second ABS deal which added 11 aircraft to the fleet.
The ABS portfolio consists of 30 aircraft with a weighted average age of 12.3 years and a weighted average remaining lease term of 3.4 years. It had an aggregate maintenance-adjusted current market value of approximately $663 million in September 2017, according to a Kroll Bond Rating Agency report from November.
Aergen is supported by sister company Avioserv, an engine-parts specialist.
Neither Aergen nor Greenbriar could be reached for comment.
Source: Cirium Dashboard