Merx launched new ABS to refinance RISE

Lauren Eldershaw
By Lauren Eldershaw February 18, 2019 15:50

Merx launched new ABS to refinance RISE

Merx Aviation has launched a new asset backed securitisation transaction, MAPS 2019-1, which will partially refinance the RISE ABS transaction that closed in February 2014. The RISE transaction was initially issued and serviced by GECAS with Merx as an equity investor. Over the past year, Merx replaced GECAS as servicer of RISE. Of the 19 aircraft in the MAPS 2019-1.

Portfolio, 18 are currently owned by subsidiaries of the Issuers as part of the RISE securitisation. The other asset is currently owned and serviced by Merx and will be acquired by the Issuers. KBRA notes that RISE was renamed to MAPS 2019-1.MAPS 2019-1 comprises three tranches of notes secured on 19 aircraft on lease to 13 lessees located in eight countries (and one off-lease aircraft) with initial value of approximately $516.9 million. The series A notes – worth $325.675 million – have an initial loan-to-value ratio of 63% and are rated A by Kroll Bond Rating Agency (KBRA). $72.372 million B notes with an initial LTV of 77% are rated BBB, with $31.017 million rated BB have an initial LTV of 83%. All tranches of notes have a 25 year maturity.

Goldman Sachs is the lead bookrunner with Credit Agricole-CIB providing the liquidity facility. Deutsche Bank is the security trustee, operating bank and trustee. Phoenix American Financial Services is the managing agent. As mention, Merx Aviation is the servicer.

Lauren Eldershaw
By Lauren Eldershaw February 18, 2019 15:50