Willis Lease Finance has launched its fourth securitisation with a $337 million deal backed by 56 engines.
The deal consists of two tranches: $293.7 million of A notes and $42 million of B notes. Kroll Bond Rating Agency (KBRA) has assigned the rating of A to the former and BBB to the latter, according to its pre-sale report published today.
The asset pool includes 51 engines on lease and an additional five engines not subject to lease. The majority of the portfolio is made up of narrowbody engines with the remaining 19% consisting of widebody and region jet engines. The average remaining lease term is 2.1 years.
Bank of America Merrill Lynch is the sole structuring agent and joint lead bookrunner, and Bank of Tokyo MUFG, Wells Fargo Securities and BNP Paribas are joint lead bookrunners. BNP Paribas is also the liquidity facility provider.
Willis Lease Finance is servicer for the portfolio.
"KBRA believes that this transaction benefits from sufficient credit enhancement, along with a structure that accelerates principal payments on the notes upon a deterioration of asset performance," the KBRA report says.
Updated with the names of the bookrunners
Source: Cirium Dashboard
