Carlyle has priced its AASET 2025-3 aviation asset-backed securitisation (ABS) deal under its master trust transaction.
The $602.4 million deal marks Carlyle's 19th serviced aviation ABS transaction.
This third issuance consists of A and B tranches. The A notes total $526.2 million, while the B notes total $76.3 million. Both have an anticipated repayment date of November 2032 and a legal maturity date of February 2050.
The A notes have a coupon of 5.243% with a spread of 160 basis points. The tranche has an initial loan to value (LTV) of 69% and is expected to be rated A by both KBRA and Fitch Ratings.
The B notes have a coupon of 5.732% with a spread of 210 basis points. The tranche has an initial loan to value of 79%, and is expected to be rated A- by Fitch. KBRA does not expect to rate the subordinate tranche.
This third issuance is broadly consistent with the previous two in Carlyle's 2025 master trust deal.
The first issuance under its master trust structure closed in February 2025 and the second closed in June. A Carlyle-managed company will retain the equity of the master trust structure at closing.
The first issuance totalled $518.3 million. The $464.45 million A tranche has a 5.943% coupon and a spread of 170 basis points, while the $53.85 million B notes has a coupon of 6.576% and a spread of 235 basis points.
The second issuance totalled $525.7 million. The $447.7 million A notes in this second issuance has a coupon of 5.522% and a spread of 160 basis points. The $78 million B notes has a 6.010% coupon with a spread of of 210 basis points.
Proceeds from the third issuance notes will be used to acquire 23 additional commercial aircraft operated by lessees. The additional aircraft added to the master trust collateral will bring the total portfolio to 69 commercial jets — 66 narrowbodies and three widebodies.
As of the end of October 2025, the weighted average age of the portfolio is around 8.1 years, and the weighted average remaining term of the initial lease contracts is around 5.8 years.
The 23 additional aircraft are all narrowbodies. The 12 lessees operating the aircraft are based across 11 different jurisdictions. The aircraft are 65.8% new-technology aircraft and 34.2% current-generation.
The master trust structure allows Carlyle to issue additional sub-series of A and B notes.
The aircraft added to the master trust portfolio can be selected from a pre-identified pool of aircraft. There are eight aircraft remaining in this pool.
“For subsequent series issuances, at least 12 eligible aircraft must be added under the purchase agreement," Fitch said in its report. "As of the offering memorandum date, fewer than 12 eligible aircraft remain, so any future issuance would require amending or waiving this minimum.”
Goldman Sachs is the sole lead structuring agent, global coordinator and left lead bookrunner on this issuance.
Societe Generale is providing the liquidity facility for this third issuance, as well as for the second series.
The liquidity facility provider for the initial series was Natixis.
The three liquidity facilities are each sized to nine months of interest due on the respective issuances.