GECAS and Sculptor Capital Management Close STARR 2019-2
Third Structured Sale of Aircraft to Include Sculptor as Dedicated Asset Manager
SHANNON Ireland and NEW YORK– December 4, 2019 – GECAS and Sculptor Capital Management (NYSE: SCU) (“Sculptor”) announced today the closing of STARR 2019-2. Under the terms of the transaction, GECAS is selling twenty in-production Boeing and Airbus narrowbodies to START III Ltd. The diversified portfolio has an average aircraft age of 8.4 years and includes aircraft currently on lease to 17 airlines in 14 countries, with a total appraised value of approximately $539 million.
START III Ltd. is financing its
acquisition through its issuance of 144A/Reg. S debt and equity. Similar to the
STARR 2018-1 transaction – the first aircraft portfolio purchase to include
144A tradeable equity and a dedicated asset manager for equity investors
– and STARR 2019-1, an affiliate of Sculptor will serve as an asset manager
and GECAS will continue to service the portfolio.
GECAS is a world-leading lessor with
significant experience servicing aircraft. Having developed a successful model
for servicing third-party aircraft, GECAS’ 25-year track record includes
servicing more than 550 aircraft across 15 multi-owner platforms with initial
portfolio values totaling nearly $15 billion.
An affiliate of Sculptor will serve as
an asset manager on behalf of the syndicated equity investors advising START III
Ltd.’s Board regarding portfolio matters. In this capacity, Sculptor will
provide increased transparency on behalf of START III Ltd. through enhanced
investor reporting to improve liquidity for debt and equity investors.
With nearly $1 trillion in outstanding
market value in commercial aviation, this asset manager structure aims to
broaden the investor base in the sector and bring increased institutional
capital to the space, similar to other securitization markets such as
CLOs. In addition, funds managed by Sculptor
have invested equity in START III Ltd.
The sales are subject to typical
conditions precedent including any regulatory approvals that may be necessary.
* * *
About Sculptor Capital Management
Sculptor Capital Management, Inc. (previously known as Oz Management) is a leading global alternative asset management firm providing investment products in a range of areas including multi-strategy, credit and real estate. With offices in New York, London, Hong Kong and Shanghai, the Company serves global clients through commingled funds, separate accounts and specialized products. Sculptor Capital’s distinct investment process seeks to generate attractive and consistent risk-adjusted returns across market cycles through a combination of fundamental bottom-up research, a high degree of flexibility, a collaborative team and integrated risk management. The Company’s capabilities span all major geographies, in strategies including fundamental equities, corporate credit, real estate debt and equity, merger arbitrage, structured credit and private investments. As of December 1, 2019, Sculptor Capital had approximately $33.6 billion in assets under management. For more information, please visit the Company's website (www.sculptor.com).
Investor Relations Contact Elise King +1-212-719-7381 email@example.com
Media Relations Contacts Jonathan Gasthalter Gasthalter & Co. LP + 1-212-257-4170 firstname.lastname@example.org