Apollo Aviation will raise $613 million with its second asset-backed securitisation of this year, to fund the purchase of 35 aircraft.
The mid-life-focused lessor is offering the transaction in three tranches: $488 million in A notes, $73 million in B notes, and $51 million in C notes, a Kroll Bond Rating Agency report reveals. KBRA rates the notes "A", "BBB" and "BB", respectively.
This is Apollo's sixth securitisation since 2014. The most recent was issued in January of this year.
The 35-aircraft portfolio, which comprises six widebodies and 29 narrowbodies, has an initial weighted average aircraft age of 13.9 years and a weighted average remaining lease term of approximately 3.6 years as of 1 November 2018.
Goldman Sachs is sole structuring agent and lead bookrunner, while Natixis is serving as liquidity facility provider.
Earlier this month, The Carlyle Group disclosed its intention to purchase Apollo, which will be rebranded as Carlyle Aviation Partners when the deal closes, which is scheduled to happen by 31 January.
Source: Cirium Dashboard
