We are proud to announce that our global Asset Finance team
acted as Irish and Cayman Islands counsel to Gilead 2025-1 Aviation
Limited and Gilead Aviation (Warehouse) LLC in the $600 million
issuance of Asset Backed Securities (ABS).
The issuance comprises Class A $520 million notes with a 5.789%
coupon and a 5.860% yield and Class B $80 million notes have a
6.524% coupon and a yield of 6.614%. The funds raised were used to
refinance a portfolio of 18 aircraft, which are leased to nine
lessees based in eight countries.
Lead structuring agent and joint lead bookrunner was Mizuho
Securities and co-structuring agent and joint lead bookrunner was
MUFG. Joint lead bookrunners were also Citigroup, Credit Agricole
Securities, RBC Capital Markets, Societe Generale and Truist
Securities. Credit Agricole Corporate and Investment Bank acts as
liquidity facility provider.
We have acted on the Gilead platform, a joint venture between
AerCap and certain private funds managed by PIMCO, since its
establishment in 2020.
Our Irish team was led by partners, Matt Hedigan, Killian McSharry
and Eoin Ryan with assistance from of counsel Caitlín Friel,
associates Owen O'Hanrahan, Naomi Ní Shé, Tristan
Meyer and Ciaran Kenny, paralegal Sherry Yu and trainee Conor
McCabe.
Our Cayman Islands team was led by partner Sarah Humpleby with
assistance from associate Matthew Welds. We were delighted to have
worked on this milestone transaction with Milbank LLP as US law
counsel for Gilead, Clifford Chance US LLP as US counsel for AerCap
as servicer and Hughes Hubbard & Reed LLP as US counsel to the
initial purchasers.
This deal demonstrates the continued resurgence in the aviation ABS
market since the significant uptick in issuances in 2024, which
looks set to continue for 2025.
PRESS RELEASE
18 March 2025
Walkers Acts On GILEAD 2025-1 $600 Million ABS
We are proud to announce that our global Asset Finance team acted as Irish and Cayman Islands counsel to Gilead 2025-1 Aviation Limited and Gilead Aviation...