Waselius acted as Finnish counsel to Gilead 2025-1 Aviation Limited and Gilead Aviation (Warehouse) LLC on the $600 million issuance of a public ABS securitisation
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, Crédit Agricole Securities, RBC Capital Markets, Société Générale and Truist Securities. Crédit Agricole Corporate and Investment Bank acts as liquidity facility provider.
Milbank LLP acted as US law counsel for Gilead, Clifford Chance US LLP as US counsel for AerCap as servicer, Hughes Hubbard & Reed LLP as US counsel to the initial purchasers and Walkers as Irish and Cayman counsel for Gilead.
This deal demonstrates the continued resurgence in the aviation ABS market since the significant uptick in issuances in 2024, which looks set to continue into 2025.