Story ID: 
GJC Raises Another $617M through Securitization
By: Kerry Lynch
Caption: Business aviation financier has closed on eight asset-back securities
Word Count: 188
Business aviation financier Global Jet Capital (GJC) continues to expand its business base, closing on its eighth asset-backed security—BJETS 2024-2—that raised another $617 million. The latest securitization brings the total assets securitized at GJC to about $5.8 billion and bonds issued to $4.8 billion.
BJETS 2024-2 securitizes 29 aircraft loans and leases with corporations and global business leaders from 18 different industries covering 12 different business aircraft models. Aircraft involved are primarily midsize and large-cabin jet models.
“We are pleased with the success of our latest issuance, which underscores the strength of the BJETS securitization program and the strong performance of our previous ABS transactions,” said GJC CEO Vivek Kaushal. “As we celebrate the tenth anniversary of our founding, our growing investor base reflects the capabilities of our platform.”
The BJETS 2024-2 offering—which attracted 37 unique investors including eight new ones—involved a $490.4 million Class A tranche of notes, $79.4 million Class B, and $47.3 million Class C. Global Ratings and Kroll Bond Rating Agency assigned BJETS 2024-2 ratings of A/A, BBB+/BBB, and BB/BB on the Class A, B, and C tranches, respectively.