Holland & Knight Represents GE Capital Aviation Services In Sale of Commercial Jet Engine Portfolio
SAN FRANCISCO – July 12, 2011 – Holland & Knight represented GE Capital Aviation Services (GECAS), a leading global player in commercial aircraft leasing and financing, in connection with its recent sale of 30 commercial jet engines to Rotor Engines Securitization Ltd. and the arrangements for GECAS to provide lease management, remarketing, and other services to Rotor for the portfolio.
Rotor funded its acquisition of the portfolio from the proceeds of a private placement of Series 2011-1A fixed rate notes, Series 2011-1B fixed rate notes, and an E Certificate. The $290 million asset-backed securitization is the first closed in the aircraft leasing industry since 2007.
Twenty-five of the engines in the portfolio are currently on operating lease to 18 lessees in 14 countries. Of the remaining five engines, one recently came off lease and is currently being remarketed, and the other four are available in the short-term rental market.
William Piels, Audrey Sung and Phillip Durham were the lead Holland & Knight attorneys on the transaction. Also providing counsel were partners Richard Crowley, John Dierking, Richard Lear, Timothy Leixner, Donald Moore, Lance Myers, and Matthew Vafidis.