Proceeds from the sale of the Loans will be used to purchase a fleet of 19 narrowbody aircraft. The aircraft are initially leased to 15 airlines located in 14 countries with an initial total value of approximately $387.1 million.
This transaction represents the inaugural securitization for Aergen Aviation Finance Limited (“Aergen”, the “Servicer” or the “Company”). Aergen, founded in 2014, is an aircraft leasing company focused on providing leasing and asset management solutions for owners and operators of mid-life and end-of-life aircraft and engines. The current transaction’s portfolio represents 100% of Aergen’s managed fleet as of the closing date.
The transaction benefits from sufficient credit enhancement and liquidity, as well as a dynamic structure that accelerates principal payments on the Loans in the event of weak performance.
KBRA analyzed the transaction using the Aviation ABS Methodology published on May 15, 2015.
The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.
|Class||Rating||Aggregate Loan Amount|
|Series A Loans||A(sf)||$246,700,000|
|Series B Loans||BBB(sf)||$47,000,000|
|Series C Loans||B(sf)||$31,000,000|
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