Carlyle Aviation Partners' is in the market with its eighth securitisation - $379.9 million AASET 2019-1.
The asset backed securitisation is offered in three tranches of notes: $300.3 million A-rated notes, with an initial loan-to-value (LTV) ratio of 66%; $54.6 million B notes rated BBB, with an LTV of 78% and $25 million C notes rated BB, with an LTV of 83.5%.
The portfolio has an initial value of approximately $455 million, which comprises: 10 B737-800 aircraft, seven A319-100, two A321-200 and one A320-200; and five widebody aircraft - two A330-300 on lease to American Airlines, two A330-200 aircraft on lease to Azul Brazilian Airlines and XL Airways France; as well as one B777-200ER on lease to Air France.
As of April 30, the initial weighted average age of the portfolio is approximately 15.8 years with a weighted average remaining lease term of approximately 3.9 years.
Proceeds from the sale of the notes will be used to refinance its AASET 2016-1 transaction, consisting of 18 aircraft and acquire seven additional aircraft on lease to 17 lessees located in 14 countries.
The Class A and B Notes amortise on a 11-year straight-line schedule for the first three years and on a 12-year straight-line schedule thereafter. The Class C Notes amortise on a 7-year straight-line schedule.
Carlyle Aviation Management remains as the servicer.
The sole structuring agent, global coordinator and left lead bookrunner is Goldman Sachs. Natixis is providing the liquidity facility.
The managing agent is Phoenix American Financial Services, with UMB as the facility agent, security trustee, operating bank and trustee.