Investment group Floreat has committed $25m (€22.4m) to an asset-backed securitisation (ABS) fund created by aircraft lessor Air Lease Corporation.
Floreat said it is the largest single investor in the newly-created Thunderbolt III Aircraft Lease.
Thunderbolt III is expected to acquire a portfolio of 19 commercial aircraft on operating lease to 18 airlines in 15 countries.
Mark Rogers, managing director at Floreat, said: “We are very pleased to have deployed a significant amount of capital into the equity certificates of Thunderbolt.”
Rogers said Floreat continues to see attractive investment opportunities in the aircraft leasing asset class, particularly in ABS transactions, and will be deploying further capital into such structures.
Floreat made its first aviation-backed transaction in 2016.
Bain Capital Credit acquires five aircraft
Windward Air Capital has closed the acquisition of five aircraft on behalf of Bain Capital Credit.
The aircraft asset manager said the assets, which include the Airbus A320 and A321 and the Boeing 787, were acquired from multiple parties over the course of 2019.
Financial details were undisclosed.
UK government bails out Flybe Group
Troubled UK regional carrier Flybe Group has received a rescue deal from the government.
On Twitter, transport secretary Grant Shapps said he was delighted “we’ve been able to work closely with Flybe to ensure Europe’s largest regional airline is able to continue connecting communities across Britain”.
Shapps said the UK Department for Transport will undertake an “urgent review into how we can level up the country by strengthening regional connectivity”.
Early last year, Connect Airways, acquired Flybe after the latter issued a profit warning the previous year and announced it was undertaking a strategic review of its options as a result of weak consumer demand, together with higher fuel prices and a weaker sterling.
Connect Airways – which is jointly-owned by DLP Holdings, Stobart Aviation and Virgin Travel Group – is reported to require more than £100m (€116m) for Flybe to stay in business.
Delighted we've been able to work closely with Flybe to ensure Europe’s largest regional airline is able to continue connecting communities across Britain. @transportgovuk will undertake an urgent review into how we can level up the country by strengthening regional connectivity.— Rt Hon Grant Shapps MP (@grantshapps) January 14, 2020