Thunderbolt II – Air Lease's third securitisation – will feature a new equity structure aimed at increasing liquidity, FlightGlobal understands.
In most aircraft ABS deals, the manager either retains the equity or sells it. The new deal is a departure from the typical E-note structure.
Thunderbolt II will feature an Irish company that owns the E-note – the equity cash flows of the 18 aircraft – and issues shares. The shares, which will be registered on a Cayman Islands exchange, are 144A/Reg S, traded through DTCC and TRACE-eligible, two sources confirm.
The new structure is intended to increase transparency of the assets in the securitisation, says a source familiar with the deal.
GECAS came to market in June with a $587 million ABS – Start – which featured a new equity structure. In Start, Och-Ziff Capital Management will act as a middleman between the equity investors and the asset manager, providing additional reporting to the stakeholders.