KBRA Assigns Ratings to Business Jet Securities 2024-2, LLC Secured Notes, Series 2024-2
16 Sep 2024 | New York
KBRA assigns ratings to three classes of notes issued by Business Jet Securities 2024-2, LLC Secured Notes, Series 2024-2 (BJETS 2024-2 or the Issuer), a business jet ABS transaction. BJETS 2024-2 is the eighth business jet ABS transaction sponsored and serviced by Global Jet Capital, Inc. (GJC, the Company or the Servicer). BJETS 2024-2 is collateralized by lease payments due for business jet aircraft subject to an operating lease, and payments due for loans and finance leases secured by business jet aircraft, as well as the economic ownership of each business jet aircraft subject to an operating lease. GJC will retain the equity position in BJETS 2024-2.
As of July 31, 2024 (Cutoff Date), the portfolio consists of 29 business jet aircraft (the Portfolio), with 27 unique obligors with a weighted average age of 7.3 years, weighted average remaining term of 4.6 years, and weighted average original term of 7.6 years. At closing, the subject Portfolio has an aggregate asset value of approximately $763.3 million.
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