DAE launches Kestrel 2018-1 ABS

victoria@aviationnews-online.com
By victoria@aviationnews-online.com December 4, 2018 21:59

DAE launches Kestrel 2018-1 ABS

Dubai Aerospace Enterprise (DAE) has launched its third asset backed securitisation (ABS), which is secured on a portfolio of 18 aircraft – seven A320-200s, four 737-800s two A319-100s, two ATR 72-600s, one A330-200, one A330-300 and one A321-200 – with an initial weighted average aircraft age 8.9 years with a weighted average remaining lease term of approximately 4.5 years.

The $379.4 million Kestrel Aircraft Funding 2018-1 comprises two tranches of notes – $319.8 million A notes, with an initial loan-to-value (LTV) ratio of 67%, which are rated A by Fitch Rating and Kroll Bond Rating Agency; and $59.6 million B class notes, with an LTV of 79.5%, and rated BBB by Fitch and Kroll.

The A paper amortises on a 12.8-year straight-line schedule and the B notes amortise on a 12.9-year straight-line schedule until the ARD – October 15, 2025 – and a four-year straight-line schedule thereafter.

Mizuho Securities is the sole structuring agent and joint bookrunner with Credit Agricole Securities. CA-CIB also provides the nine-month liquidity facility. UMB is the security trustee, operating bank and trustee. Maples is the managing agent. DAE will act as servicer for Kestrel 2018-1.

victoria@aviationnews-online.com
By victoria@aviationnews-online.com December 4, 2018 21:59