Maples Group Advises BBAM on Successful Horizon Aircraft Securitisation

The Maples Group is pleased to have once again assisted global aircraft leasing group BBAM with its latest aircraft securitisation transaction, Horizon 2024-1.

Horizon 2024-1, which closed in September, issued US$556 million of single-A rated 2049 notes. It is the latest issue in BBAM’s successful ‘Horizon’ series of aircraft asset-backed securities “ABS” transactions, which notably returns to the market for the first time since 2019. The transaction proceeds will be used to acquire a portfolio of 17 narrowbody aircraft, based on an initial loan-to-value ratio of 66.3%.

The portfolio, which has an initial value of approximately US$838.5 million, has a weighted average age of approximately 1.9 years, while the weighted average remaining term of the initial lease contracts is approximately 9.2 years.

The Maples Group acted in a cross-jurisdictional capacity for Horizon 2024-1, to ensure seamless support for the platform and the provision of a complete suite of legal, fiduciary and specialist management services. This end-to-end service comprised of Cayman Islands legal advice and listing services from the Group’s law firm, Maples and Calder and the appointment of the Group’s fiduciary services team in Ireland as Managing Agent. The Delaware fiduciary services team provided Independent Manager services to the US co-issuer, and the Group’s Cayman Islands fiduciary and corporate services teams provided local share trustee, anti-money laundering and corporate services to the issuer.

“We were delighted to support BBAM and Horizon 2024-1 in such a broad capacity, with its successful return to the ABS market,” commented Jonathon Meloy, Partner and Head of Maples and Calder’s Cayman Islands Finance practice.

“The Maples Group is distinguished in the aviation finance sector by our ability to provide the full spectrum of legal, managing agent, fiduciary and administration services from the key centres of the Cayman Islands, Ireland and Delaware, with an unparalleled level of client service,” added Julian Dunphy, Head of Structured Finance, Fiduciary – Ireland.

The Cayman Islands legal team was led by partners Shari Howell and Jonathon Meloy, assisted by associates Jonathan Brown and Sorcha O’Keefe. The Managing Agent and fiduciary services team in Ireland were led by Julian Dunphy and Senior Vice President Mark Gordon.

From an international network of 16 offices, the Maples Group is a leader in the aircraft ABS space, acting for over 50% of lessors in the market. The Group has unmatched expertise and provides legal advice on the laws of the British Virgin Islands, Cayman Islands, Ireland, Jersey and Luxembourg as well as managing agent services, Delaware co-issuer services, share trustee services, independent directorship and management services, entity formation and administration services and stock exchange listings.