Phoenix Aviation Capital and AIP Capital Announce Closing of Inaugural $550 Million Senior Unsecured Notes Offering

Expands Capital Base and Increases Total Available Liquidity to ~$760 Million

DUBLIN and STAMFORD, Conn. and NEW YORK, June 25, 2025 /PRNewswire/ -- Phoenix Aviation Capital ("Phoenix" or "the Company"), a full-service aircraft lessor managed by AIP Capital ("AIP") and a portfolio company of funds advised or controlled by affiliates of BC Partners Advisors L.P., announced the closing of its offering of $550 million of 9.25% senior unsecured notes due 2030 ("the Notes").

RBC Capital Markets ("RBC") acted as Left Lead Bookrunner. RBC, Citigroup, Morgan Stanley, Natixis and BNP Paribas acted as Joint Active Bookrunners. Oppenheimer & Co., BC Partners, Fifth Third Securities and HSBC acted as Joint Bookrunner. Cadwalader, Wickersham & Taft LLP served as issuer's counsel to Phoenix. Cahill Gordon served as counsel to the initial purchasers.

Proceeds from the issuance of the Notes will be used to repay existing indebtedness and general corporate purposes.

"We are proud to announce the closing of Phoenix's first unsecured bond issuance," said Patrick Schafer, Managing Director at BC Partners and board member of Phoenix. "We are grateful for the strong interest and support from our investors in the inaugural offering and look forward to our continued growth together."

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any jurisdiction and may be offered or sold only in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The Notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there by any sale of the Notes in any state or other jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.

Forward Looking Statements

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About AIP Capital

AIP Capital (AIP) is a global alternative investment manager focused on opportunities in asset-based finance including aviation and equipment finance. AIP, together with its affiliates, manages approximately $4 billion of assets on behalf of a diversified global investor base. The AIP team is comprised of more than 30 experienced professionals across AIP's offices in Stamford, New York City, Dublin, and Singapore. For more information about AIP Capital or to speak with company executives, please contact [e-mail].

About BC Partners & BC Partners Credit

BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm's deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

Media Contacts

AIP Capital
Geoffrey Bayers
[e-mail]

BC Partners
Luke Charalambous
[e-mail]
[phone]

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