Carlyle Aviation Partners is in the market with its ninth securitisation – AASET 2019-2.
The $540.3 million asset backed securitisation is offered in three tranches of notes by Kroll Bond Rating Agency (KBRA): $430 million A-rated notes, with an initial loan-to-value (LTV) ratio of 66.5%; $77.6 million B notes rated BBB, with an LTV of 78.5% and $32.6 million C notes rated BB, with an LTV of 83.5%.
The portfolio, which consists of 29 aircraft has an initial value of approximately $647.1 million, comprises of eight Boeing 737-800 narrowbody aircraft and one B737-100. As well as 10 Airbus A320-200, three A319-100 and three A321-200 aircraft.
Meanwhile, the widebody portfolio consists of two A330-200 and two Boeing 777-200 aircraft.
Proceeds from the sale of the notes will be used to acquire 29 aircraft on lease to 17 lessees located in 14 countries.
As of September 30, the initial weighted average age of the Portfolio is approximately 11.9 years with a weighted average remaining lease term of approximately three years.
The Class A and B Notes amortise on a 12-year straight-line schedule. The Class C Notes amortise on a 7-year straight-line schedule.
This ABS follows Carlyle's eighth securitisation which took place in June for $379.9 million - AASET 2019-1.
Citibank, N.A. is the facility agent, security trustee, operating bank and trustee.
Natixis S.A., acting through its New York Branch is the liquidity facility provider.
Sole structuring agent, global coordinator and left lead bookrunner for the deal is Goldman Sachs & Co.