World Star and Oaktree have priced a $585 million aircraft ABS, says a source working on the deal.
Sprite 2017-1, which launched 8 November is structured in three tranches: with the $457 million of A notes achieving a yield of 4.375%, the $88 million B notes at 6.25% and the $40 million C notes at 7.00%.
A joint venture between World Star and Oaktree will purchase the 21 aircraft portfolio, consisting of mostly mid-life narrowbodies as well as three widebodies, including two Boeing 777-300ERs and one Airbus A330. The portfolio has an average age of 8.9 years with a remaining lease term of about 3.8 years.
Mizuho Securities is acting as global coordinator and lead left structuring agent and bookrunner, while Morgan Stanley is right lead structuring agent and bookrunner. DVB Bank is liquidity facility provider and World Star is servicer.
This story has been amended to reflect the correct yields.