The Maples Group completes ABS deal, enabling lift-off
Kickstarting a Massive Aviation Venture: Altavair's Debut ABS Issuance
Published at 28 Apr 2025
Prepare for takeoff with an aircraft portfolio worth a staggering USD 787.9 million.
Steering Altavair's groundbreaking USD 582.88 million asset-backed security (ABS) issuance, ALTDE 2025-1, was none other than The Maples Group's law firm, Maples and Calder.
The Maples & Calder powerhouse advising Altavair on the intricacies of the transaction, spanning Irish and Cayman Island law, featured some heavyweights:
- Cayman Islands Dream Team:
- Jonathon Meloy (Cayman Islands' Finance and Asset Finance Co-Head)
- Anthony Philp (Senior Partner)
- Sorcha O’Keefe (Ranking Associate)
- Irish All-Stars:
- Mary O’Neill (Partner)
- Alex Walsh (Counsel)
- Gerard Grogan (Associate)
Behind the scenes, The Maples Group also played the crucial role as the listing agent for the Notes, which made their way onto the Cayman Islands Stock Exchange.
Altavair, a globetrotting aviation asset management company established in 2003, called three separate headquarters home: Seattle, London, Dublin, and Singapore. They also manage a whopping USD 2.15 billion of KKR capital as part of a long-term partnership formed in 2018. Over the years, the company has sealed deals surpassing USD 12 billion, across 40 countries.
The transaction, finalized on 4 March, brought forth Class A and B notes, funding a 24-aircraft portfolio initially worth USD 787.9 million. The portfolio, a mix of three widebody and 21 narrowbody planes, will be leased to eleven lessees across eleven jurisdictions.
Regarding the collaboration, Mary O'Neill, Partner at Maples and Calder, expressed her enthusiasm: "Working with Altavair on their debut ABS issuance has been a pleasure, furthering their strategic growth objectives. Our unmatched Asset Finance team continues to deliver top-tier legal services for complex cross-border transactions."
[1] Cayman Islands Stock Exchange: https://www.cayman-exchange.com/[2] Maples Group: https://www.maples.com/en[3] Altavair: https://www.altavair.com/
- The Cayman Islands' Finance and Asset Finance Co-Head, Jonathon Meloy, along with Senior Partner Anthony Philp and Ranking Associate Sorcha O’Keefe, formed a part of the Cayman Islands Dream Team that advised Altavair on its debut ABS issuance.
- Notable Irish All-Stars involved in the transaction were Mary O’Neill (Partner), Alex Walsh (Counsel), and Gerard Grogan (Associate).
- The Maples Group, who was the listing agent for the Notes, played a critical role in getting the notes listed on the Cayman Islands Stock Exchange.
- Altavair, a global aviation asset management company, has headquarters in Seattle, London, Dublin, and Singapore, and manages a substantial USD 2.15 billion of KKR capital under their long-term partnership formed in 2018.
- Regarding the collaboration, Mary O'Neill, Partner at Maples and Calder, expressed her enthusiasm about working with Altavair on their debut ABS issuance, stating that it furthered Altavair's strategic growth objectives and that the unmatched Asset Finance team of Maples and Calder delivered top-tier legal services for complex cross-border transactions.
