Maples Group successfully concludes ABS deal, facilitating aerial journey
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Published on 28th April, 2025
Altavair Locks in USD 787.9 Million for Aircraft Empire
Gearing up for an impressive flight, Altavair, a global aviation asset management titan, recently embarked on an ambitious journey, securing a whopping USD 787.9 million to finance their portfolio of 24 commercial aircraft. This historic move showcases Altavair's relentless pursuit of expanding their aircraft leasing operations.
Navigating the complex legalities was none other than Maples and Calder, the law firm powering The Maples Group. They guided Altavair through their debut USD 582.88 million asset-backed security (ABS) issuance, dubbed ALTDE 2025-1.
The Maples Group's dream team, including Cayman Islands-based partners Jonathon Meloy and Anthony Philp, and associate Sorcha O'Keefe, as well as Dublin office partner Mary O'Neill, of counsel Alex Walsh, and associate Gerard Grogan, steered Altavair through the maze of Irish and Cayman Island law. The Maples Group also took charge as the listing agent for the notes, which saw a listing on the Cayman Islands Stock Exchange.
Built on solid ground, Altavair, established in 2003, boasts three autonomous companies and a base in Seattle, London, Dublin, and Singapore. With over USD 2.15 billion of KKR capital under management, and completed aircraft leasing deals worth more than USD 12 billion across 40 nations, Altavair is clearly a force to be reckoned with.
This game-changing transaction, concluded on 4th March, saw the issuance of Class A and B notes. The focal point of this diversified aircraft portfolio, which includes three widebody and 21 narrowbody aircraft, will be leased to 11 lessors situated across 11 jurisdictions.
Mary O'Neill, Maples Group Partner, couldn't hide her excitement regarding the transaction: "It has been positively thrilling to collaborate with our loyal client Altavair on their maiden ABS issuance, reinforcing their ambitious expansive goals. Our exceptional global Asset Finance team continues to excel in delivering top-tier legal services for intricate cross-border asset finance transactions."
[1] - Overall, Altavair L.P.'s debut asset-backed security (ABS) issuance, ALTDE 2025-1, involved a USD 582.88 million transaction structured to finance a diversified aircraft portfolio.[2] - The portfolio’s initial collateral value was approximately USD 787.9 million.[3] - The transaction concluded on 4 March 2025.
[1] The Maples Group, a global law firm, had the privilege of guiding Altavair L.P. through their inaugural asset-backed security (ABS) issuance, known as ALTDE 2025-1, which involved a significant USD 582.88 million transaction.
[2] This historic financing move was aimed at securing USD 787.9 million for Altavair's portfolio of 24 commercial aircraft, demonstrating their commitment to expanding their aircraft leasing operations.
[3] On 4th March, 2025, the transaction was finalized, marking a milestone in both Altavair's and The Maples Group's histories.
[4] With this deal, Altavair, a global aviation asset management company, extended its presence in the aerospace and finance industries, bolstering its business operations in Seattle, London, Dublin, and Singapore.
