Dubai Aerospace Enterprise (DAE) has taken to the market with its fourth securitisation of $514.3 million of fixed rate notes.
The notes, issued by Falcon 2019-1 Aerospace and Falcon 2019-1 Aerospace USA LLC, have been released in three tranches of Series A notes worth $404.1 million with an initial LTV rating of 66% rated A by Kroll Bond Rating Agency (KBRA).
There will be $73.5 million Series B notes with an initial LTV of 78% rated BBB. As well as $36.7 million with an initial LTV of 84% rated BB.
Proceeds from the issuance of the notes will be used to acquire a portfolio of 23 aircraft.
In the portfolio, there are seven B737-800 aircraft with two on lease to Royal Dutch Airlines, with one on lease to Albastar, Solaseed Air, Skymark Airlines, Smartwings and Korean Air, respectively.
There are seven A320-200 aircraft with three on lease to Wizz Air, two on lease to Siberia Airlines, with the remaining aircraft on lease to Alaska Airlines and Viva Colombia Air.
Three A330-300 aircraft on lease to Philippine Airlines, AirAsia X Berhad and Asiana Airlines.
American Airlines has two A319-100 aircraft with the remaining two on lease to Air France and Easyjet.
Jet Time has one B737-700 aircraft on lease.
The issuers of the notes are Falcon 2019-1 Aerospace Limited and Falcon 2019-1 Aerospace USA LLC. The servicer is Dubai Aerospace Enterprise (DAE).
Managing agent is Phoenix American Financial Services. Security trustee, operating bank and trustee is UMB Bank, N.A.
The liquidity facility provider is BNP Paribas and joint lead structuring agent and joint lead bookrunner is Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc.