Recent Transactions
DIVESTMENT - SINGAPORE BASED LIMITED PARTNERSHIP
In December 2021, BGM executed a divestment of equipment over $275 mn for a Singapore based limited partnership.
Highlights
- Competitive E-Note Bid Process: Multi-staged E Note process to reach out to a wide range of 50+ bidders across a diverse mix of institutional investors
- Senior Bond Placement: Class B Notes fully preplaced. Execution saw tightening on the pricing of the Class A Notes between guidance and final placement. Significant over-subscription on the Class A Notes, with bids coming in from over 10 unique investors.
| Series | Notional | S&P Rating | WAL | Yield |
|---|---|---|---|---|
|
Class A |
$160M |
A |
4.8 Years |
2.64% |
|
Class B |
$29.75M |
BBB |
4.8 Years |
3.25% |
- Sale process entailed simultaneous prepayment of existing loan facility with a US based bank on the closing date, which was overseen and coordinated by BGM to enable a fluid transition towards the incoming equity owner
- BGM retained as servicer by new owner to perform oversight and operational management functions for the portfolio and ensure its continued performance
DIVESTMENT - BERMUDA BASED LIMITED PARTNERSHIP
In February 2022, BGM executed a divestment of equipment over $350 mn for a Bermuda based limited partnership.
Background
BGM engaged with partners to arrange for the sale of a majority stake of a Bermuda based limited partnership to a US based financial institution. The new partnership enables BGM to tap on large scale acquisition opportunities going forward.
Highlights
- Strong Level of Demand : Both Class A and Class B Notes were fully subscribed under a private placement, with the transaction priced early February prior to the run up in benchmark rates.
- Forward Looking Structure : Option for issuance of subsequent series of notes has been built into the transaction structure, thereby providing the portfolio with the flexibility to tap into further financing when suitable prospects arise.
| Series | Notional | S&P Rating | WAL | Yield |
|---|---|---|---|---|
|
Class A |
$200M |
A |
4.1 Years |
3.208% |
|
Class B |
$30M |
BBB |
4.1 Years |
3.750% |
- Sale process entailed simultaneous prepayment of existing loan facility with a European bank based in Singapore on the closing date, which was overseen and coordinated by BGM to enable a fluid transition between the incoming and outgoing financing partners
- BGM was retained as servicer to perform oversight and operational management functions for the portfolio and ensure its continued performance