DUBLIN--(BUSINESS WIRE)--Kroll Bond Rating Agency Europe Limited (KBRA) assigned preliminary ratings to three series of notes (the “Notes”) issued by Pioneer Aircraft Finance Limited (“Pioneer Cayman”) and Pioneer Aircraft Finance LLC (“Pioneer USA”, and, together with Pioneer Cayman, “Pioneer”, or the “Issuers”).
The transaction is serviced by Goshawk Management (Ireland) Limited (“Goshawk”, the “Servicer” or the “Company”). KBRA notes that certain entities affiliated with Goshawk will collectively acquire a minority portion (10%) of the equity.
Goshawk, founded in 2013, is a full-service aircraft lessor with an experienced management team. Goshawk is based in Dublin, Ireland and has approximately 90 full-time employees.
Proceeds from the sale of the Notes will be used to acquire 18 aircraft (the “Portfolio”) on lease to 18 lessees located in 15 countries. The initial weighted average aircraft age of the Portfolio is approximately 5.3 years with a weighted average remaining lease term of approximately 5.1 years.
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.