Maples Group Advises Griffin on Landmark US$1.245 Billion Aircraft Securitisation

The Maples Group advised Griffin Global Asset Management (“Griffin”), the commercial aircraft leasing and alternative asset management business, on the successful issuance by GGAM Master Trust International, Ltd. and GGAM Master Trust US LLC (collectively, “GGAM Master Trust”) of US$1.245 billion fixed rate notes (the “Series 2025-1 Notes”). The initial portfolio of aircraft and related aircraft assets (the “Portfolio”), to be acquired using the Series 2025-1 Notes, has an initial appraised value of US$1.44 billion.

The Portfolio comprises a mix of narrowbody and widebody aircraft with a weighted average age of 4.1 years and is on lease to 19 airlines across 15 countries. Griffin will act as servicer in respect of the initial portfolio and any future acquisitions by GGAM Master Trust. The Series 2025-1 Notes are listed on the Cayman Islands Stock Exchange, and the E‑Notes were acquired by funds managed or advised by Bain Capital, Griffin and / or their affiliates.

The Maples Group provided Cayman Islands and Irish legal advice, acted as Cayman Islands listing agent for the Series 2025‑1 Notes, provided registered office services in the Cayman Islands, acted as Cayman Islands share trustee, delivered Cayman Islands AML services and provided Cape Town Convention International Registry services in Ireland.

The multi-jurisdictional team of asset finance lawyers included Partners Jonathon Meloy, Anthony Philp, Mary O’Neill and Stephen Gardiner with support from Associates Sorcha O’Keefe, Jonathan Brown, Gerard Grogan and Liam Needham. The Fiduciary Services team in the Cayman Islands comprised Senior Vice President Phillip Hinds, Vice President Brent Whittaker and Assistant Vice President Travis McLean.

Commenting on the transaction, Partner and head of Finance in the Cayman Islands office, Jonathon Meloy said: “We are delighted to support Griffin on this landmark transaction – featuring both the largest issuance in the history of aircraft ABS markets and a truly innovative, scalable funding model. This transaction underscores our cross‑border capabilities across the Cayman Islands and Ireland in the asset finance space and our ability to execute complex, market‑defining structures efficiently.”

Hughes Hubbard & Reed LLP acted as counsel to Griffin and GGAM Master Trust. Milbank LLP acted as counsel to the initial purchasers, the joint structuring agent and joint bookrunners, passive bookrunners and co‑managers. KPMG Ireland acted as tax advisors to Griffin and GGAM Master Trust. Akin Gump Strauss Hauer & Feld acted as counsel to Bain Capital.