Blackbird Capital II’s $745 Million Aircraft Asset-Backed Notes Offering

Hughes Hubbard & Reed LLP represented Blackbird Capital in the transaction.

Blackbird Capital II executed a $745 million aircraft asset-backed notes offering. The notes are comprised of two tranches: $630 million of Series A Notes and $115 million of Series B Notes. Blackbird will use the proceeds from the notes to acquire a portfolio of 15 narrowbody and three widebody aircraft on lease to 12 airlines in 11 countries. Nine of the aircraft are considered to be new-generation aircraft, which are more fuel efficient and produce fewer emissions than their predecessors.  

BofA Securities, Mizuho Securities USA, Citigroup, BNP Paribas and MUFG acted as joint structuring agents in the latest transaction. Mizuho Bank served as liquidity facility provider, Citibank N.A. as trustee and Canyon Financial Services Limited as managing agent.

Established in 2017, Blackbird Capital II is the second joint venture between Air Lease Corporation (ALC) and asset management company Napier Park Global Capital. 

Partners Terry Sanders (Picture) and Steve Chung led the HHR team, which also included partners Alan Kravitz, Andrew Fowler, Ryan Fayhee and Charlie Wachsstock; and associates Sean Murphy, David Cohen, Sydney Rothschild, Michael Clare, Justin Cohen, Tyler Grove, Erin Diers, Thomas Haley and Doron Magen.

Involved fees earner: Steven Chung – Hughes Hubbard & Reed; Michael Clare – Hughes Hubbard & Reed; David Cohen – Hughes Hubbard & Reed; Justin Cohen – Hughes Hubbard & Reed; Erin Diers – Hughes Hubbard & Reed; Ryan Fayhee – Hughes Hubbard & Reed; Andrew Fowler – Hughes Hubbard & Reed; Tyler Grove – Hughes Hubbard & Reed; Thomas Haley – Hughes Hubbard & Reed; Alan Kravitz – Hughes Hubbard & Reed; Doron Magen – Hughes Hubbard & Reed; Sean Murphy – Hughes Hubbard & Reed; Terry Sanders – Hughes Hubbard & Reed; Charles Wachsstock – Hughes Hubbard & Reed;

Law Firms: Hughes Hubbard & Reed;

Clients: Blackbird Capital II;

Author: Martina Bellini