Doric portfolio reaches 38 units with A380 delivery

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Asset manager Doric says its portfolio reached 38 aircraft with the delivery of a new Airbus A380 aircraft placed under a 10-year operating lease structure with Emirates Airline.

Doric Nimrod Air Three (DNA3) closed the A380 (MSN 134) acquisition, which was delivered on 14 November.

The A380, the third of a four-aircraft mandate with Emirates, is financed as part of the $630 million DNA Alpha pass through certificates offering in June 2013.

Under the EETC, $462 million of Class A notes will carry a final maturity of 9.9 years and an average life of 5.7 years, while the $168 million Class B notes are expected to mature in 6.4 years with an average life of 3.8 years.

The Class A certificates priced at 5.25% and the Class B certificates priced at 6.125%.

Citigroup, Goldman Sachs Group and Morgan Stanley are the bookrunners on the transaction. Crédit Agricole, acting via its New York Branch, will provide separate committed liquidity facilities sized to meet the next four semi-annual interest payments.

The remaining A380 (MSN 133), as part of this financing, is scheduled to be delivered to Emirates during the fourth quarter, according to Doric.