Castlelake has priced its third aircraft lease asset-backed securitisation (ABS) deal of the year, CLAS 2025-3.
The $758.56 million transaction consists of A through C notes, with an expected repayment date of November 15, 2032 and a legal final maturity date of November 15, 2050.
The $639.75 million Class A tranche was priced at 155 basis points, with a yield of 5.142% and a coupon of 5.087%.
The tranche was rated A by both Fitch and KBRA. The tranche has loan to value (LTV) ratio of 70% and LTV on the collateral is 67%. The weighted average life (WAL) is 3.9 years.
The subordinated B and C notes were both retained.
The Class B $82.25 million notes have a WAL of 3.8 years. The tranche has an LTV of 79% and LTV on collateral of 76%. The tranche was rated BBB+ by Fitch and BBB by KBRA.
The Class C $36.56 million notes were rated BB+ by Fitch and BB by KBRA. The notes have an LTV of 83% and LTV on collateral of 79%.
Proceeds from the notes will be used to acquire a portfolio of 29 assets, including 26 narrowbodies and three widebodies. The portfolio is on lease to 23 lessees in 19 jurisdictions.