A wholly-owned subsidiary of Air Lease Corporation has entered into a joint venture with a co-investment vehicle (the JV Partner) arranged by Napier Park Global Capital (Napier Park) for the purpose of investing in commercial aircraft and leasing them to airlines worldwide. The newly formed entity is named Blackbird Capital II (Blackbird Capital II) and 90.5% of the equity is owned, through the JV Partner, by a pooled investment vehicle of long-term institutional investors managed by Napier Park. The Company owns 9.5% of the joint venture and will not consolidate the entity. Blackbird Capital II closed its first round of equity commitments, aggregating US$231m. The fund has the ability to add additional commitments over the next 18 months based on investment opportunities. Aircraft will be acquired with equity, a planned US$650m warehouse credit facility, and other forms of debt financing. In contrast to the Blackbird Capital I joint venture, the investment window for Blackbird Capital II has been extended from two to four years, allowing for additional flexibility to purchase incremental aircraft alongside ALC’s forward fleet planning work with airlines. ALC will provide management services over a 12 year period to the joint venture for a servicing fee based upon aircraft assets under management. In addition, the Company expects to sell two aircraft from its portfolio to the joint venture to initially seed the fund. Through the joint venture, ALC will manage additional aircraft lease transactions to better serve its airline customers and may grow the size of fund as opportunities develop.
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Tamar Jorssen
Vice President Sales & Marketing
+1.778.213.8543
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AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada