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Walkers acts on GILEAD 2025-1 $600 million ABS

Mar 13, 2025

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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.
FinanceCayman IslandsIreland

Media contact

Chloe Ainsworth

Chloe Ainsworth

Communications Manager - Europe/Jersey

T/+44 (0) 1534 700 759
M/+44 (0) 7797 855 270
E/Email Chloe Ainsworth

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Get in touch with our team

Matt Hedigan

Matt Hedigan

Partner

Ireland

T

+353 1 470 6688

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+353 87 227 8653

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Email Matt Hedigan
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Sarah Humpleby
Sarah Humpleby

Sarah Humpleby

Partner

Cayman Islands

T

+1 345 814 6843

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+1 345 936 6843

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Killian McSharry
Killian McSharry

Killian McSharry

Partner

Ireland

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+353 1 470 6696

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+353 86 812 5656

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Eoin Ryan
Eoin-Ryan

Eoin Ryan

Partner

Ireland

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+353 1 470 6602

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+353 87 144 8804

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Caitlín Friel
caitlin friel

Caitlín Friel

Of Counsel

Ireland

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+353 1 470 6608

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+353 87 121 0458

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Owen O'Hanrahan
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Owen O'Hanrahan

Associate

Ireland

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+353 1 863 8544

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+353 87 003 0400

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Naomi Ní Shé

Naomi Ní Shé

Associate

Ireland

T

+353 01828377

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01 470 6600

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Tristan Meyer

Tristan Meyer

Associate

Ireland

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+353 1 470 6600

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+353 86 174 2581

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Ciaran Kenny
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Ciaran Kenny

Associate

Ireland

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+353 1 470 6648

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Matthew Welds
Matthew Welds

Matthew Welds

Associate

Cayman Islands

T

+1 345 914 4265

M

+1 345 936 4265

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Email Matthew Welds
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