High Ridge Aviation has successfully closed Phantom 2026-1, a $603.17 million aircraft lease asset-backed securitization (ABS), representing the first ABS issuance by one of its managed funds.

Phantom 2026-1 Aviation Limited and Phantom 2026-1 Aviation LLC co-issued $538.54 million of Series A notes, rated ‘Asf’ with a Stable Outlook by Fitch Ratings, and $64.63 million of Series B notes, rated ‘A-sf’ with a Stable Outlook. The transaction is secured by a portfolio of 16 passenger aircraft serviced by High Ridge Aviation Limited with an initial appraised value of approximately $718 million and a weighted average age of 4.1 years.

View of Boeing MAX 8 wingtip from inside Airbus A320 neo

The portfolio comprises predominantly new-technology aircraft, including eight A320neo, two 737-8 MAX, one 787-8, one 787-9, one 737-800 and three A220-300 aircraft, leased to nine airlines across nine countries.

This transaction reflects the quality of the assets we have assembled and the depth of experience within our team,” said High Ridge Aviation CEO Greg Conlon. “Phantom 2026-1 was structured with disciplined portfolio construction and a focus on long-term asset performance, and we are pleased with the strong execution.”

“This transaction reflects the quality of the assets we have assembled and the depth of experience within our team,” said High Ridge Aviation CEO Greg Conlon. “Phantom 2026-1 was structured with disciplined portfolio construction and a focus on long-term asset performance, and we are pleased with the strong execution.”

While Phantom 2026-1 marks the first aircraft ABS issuance by a High Ridge Aviation managed fund, members of the firm’s senior leadership team bring decades of experience structuring, executing and managing aircraft lease securitizations across multiple market cycles, including prior leadership roles at GE Capital Aviation Services, an early leader in the aircraft lease ABS market.

Advisors and transaction participants included Milbank LLP and McCann FitzGerald LLP as legal counsel, Fexco Aviation Services Ltd as managing agent, and KPMG as tax and structuring advisor. The notes were arranged by Deutsche Bank and Citigroup Global Markets Inc., with participation from Wells Fargo, Crédit Agricole Securities, PNC Capital Markets LLC and RBC Capital Markets.