Wings Capital Partners has closed the issuance of $678 million of fixed rate secured notes by WAVE 2019-1 LLC and WAVE 2019-1 Limited, comprised of $555 million of 3.597% Series A Notes, $81.7 million of 4.581% Series B Notes and $40.8 million of 6.413% Series C Notes.
Proceeds from the issuance of the notes will be used by WAVE to acquire a portfolio of 23 Airbus and Boeing jet aircraft consisting of 100% in-production narrowbody jet aircraft on lease to a diversified pool of 17 customers in 13 countries.
The Series A Notes, Series B Notes and Series C Notes were rated A, BBB and BB, respectively, by Standard & Poor’s and Kroll Bond Rating Agency. Wings and its Irish affiliate, Wings Capital Partners Aviation Ireland Limited, will act as servicers with respect to the aircraft.
In connection with this issuance, Wings utilised a standby letter of credit to access a large portion of the proceeds.
“The WAVE program is an integral part of our financing strategy,” said Bryan Billings, managing director and CFO of Wings. “The broad investor support across all classes of notes, in our second capital markets issuance, is a continued validation by the market of the Wings platform and our ability to provide a quality leasing product to our customers.”
Goldman Sachs & Co. LLC acted as the global coordinator, lead bookrunner and lead structuring agent.
Deutsche Bank Securities acted as a joint lead bookrunner, and Credit Agricole Securities acted as a joint structuring agent and joint lead bookrunner.
In addition, Credit Suisse Securities (USA) LLC, MUFG, Natixis and BNP Paribas acted as passive bookrunners for the transaction.
Credit Agricole Corporate and Investment Bank, acting through its New York branch, provides the liquidity facility and a standby letter of credit for the benefit of the Issuers.
Wings and WAVE were advised by Clifford Chance US LLP, and Milbank LLP acted as counsel to the structuring agents and bookrunners and also for the liquidity facility provider and the issuer of the standby letter of credit.