KBRA assigns preliminary ratings to Raptor Aircraft Finance I Limited

Darren Wood
By Darren Wood October 14, 2019 09:12

KBRA assigns preliminary ratings to Raptor Aircraft Finance I Limited

Seraph Aviation Management has announced the issuance of $726 million of fixed rate notes by Raptor Aircraft Finance I Limited and Raptor Aircraft Finance I LLC.

Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to three series of notes comprised of $553 million Series A notes with an initial LTV of 63.9% rated A, $116.5 million Series B notes with an initial LTV of 77.4% rated BBB- and $56.5 million Series C notes with an initial LTV of 83.9% rated BB-.

Proceeds from the issuance of the notes will be used to acquire a portfolio of 19 aircraft. Including nine A320-200 aircraft in total with two on lease to Vueiling, Internet and PT Batik. With the remaining on lease to LATAM, TACA International and Qingdao Airlines.

The notes will also be used to acquire seven B737-800 aircraft there are currently two on lease to American and Hainan Airlines, respectively. The remaining aircraft are on lease to GOL, Norwegian and Sriwijaya.

Also a part of the portfolio is two A330-300 aircraft on lease to AirAsia X Berhad and South African Airways. As well as one B787-8 on lease to Avianca.

The issuer is Raptor Aircraft Finance I Limited / Raptor Aircraft Finance I LLC. The servicer is Seraph Aviation Management Limited.

The administrative agent is Stellwagen Group Limited. Security trustee, cash manager and trustee is Wilmington Trust Company.

Liquidity Facility Provider is BNP Paribas.

As of June 30, the initial weighted average aircraft age of the Portfolio is approximately 3.7 years with a weighted average remaining lease term of approximately seven years.

Darren Wood
By Darren Wood October 14, 2019 09:12