Walkers advises on Blackbird II's $745m asset-backed notes issuance

Walkers acted as Cayman Islands legal counsel in Air Lease Corporation's ("ALC") recent $745m asset-backed notes offering in collaboration with Blackbird Capital II LLC ("Blackbird II"), the joint venture established by ALC and Napier Park Global Capital. 

The transaction included the issuance by Blackbird Capital II Aircraft Lease Limited (“BBIRD Cayman”, a Cayman Islands exempted company) and Blackbird Capital II Aircraft Lease US LLC (“BBIRD USA”, a Delaware LLC, together with BBIRD Cayman the "Issuers") of $745,000,000 of Fixed Rate Notes, comprised of US$630,000,000 2.443% Series A Fixed Rate Notes and US$115,000,000 3.446% Series B Fixed Rate Notes and equity in the form of an E Note. The Notes are backed by a portfolio of 18 aircraft, comprising a mix of narrowbody and widebody jet aircraft which, as of 31 May 2021, had an average age of 2.9 years and were leased or expected to be leased to 12 lessees based in 11 countries.

Walkers are providing registered office and share trustee services to BBIRD Cayman and acted as both Cayman legal counsel and counsel with respect to the listing of the Notes on the Cayman Islands Stock Exchange.

Walkers, led in the Cayman Islands by partners James Burch and Joanne Ziegler and assisted by associate Liam Woodward, was instructed by Hughes Hubbard & Reed LLP, US counsel to Air Lease Corporation and the Issuers.