Doric Nimrod Air Two (DNA2) has closed the final Airbus A380 financing under its $587.5 million pass-through certificates offering.
MSN 110, which is on lease for 12 years, is the fourth A380 aircraft financed under the capital markets transaction.
Doric Nimrod Air Finance Alpha (Doric Alpha), a wholly-owned subsidiary of DNA2, issued $587.5 million pass-through certificates in June, in which Goldman Sachs acted as sole structuring agent and sole bookrunner. It includes $434 million in Class A certificates at 5.125% interest rate and $154 million Class B certificates carrying an annual rate of 6.5%.
A diversified pool of 37 institutional investors participated in the offerings, which were more than three times oversubscribed.
The distribution by investor type was as follows: 74% asset managers, 9% pension funds, 12% fund managers, 3% insurance companies and 2% banks. The distribution by investment volume was 75% USA, 20% Europe and 5% Asia, involving a number of first time EETC investors.
The first two A380s under this capital market transaction - MSN 106 and 107 - closed in the first part of October. The third aircraft, MSN 109, was delivered in November.
The A380 delivery is Doric's 18th aircraft of the type under management. Doric's aviation portfolio now comprises 35 aircraft valued at about $6 billion.