GECAS has priced its $587 million asset-backed securitisation that will acquire 24 mostly mid-life Airbus and Boeing aircraft from the lessor.
The $430 million A notes carry a coupon of 4.089%, the $120 million B notes 5.315% and the $37 million C notes 6.899%, according to Bloomberg data. The yields are 4.335%, 5.625% and 7.0%, two sources confirm.
FlightGlobal understands that the equity priced at $91 million, says a source working on the transaction, and was distributed to a "broad base of investors", says a source familiar with the deal. Additionally, the equity is 144A/Reg S eligible.
As the first of a new type of structure, Och-Ziff will receive a fee for managing the equity, advising the board of directors around asset sales, refinancing actions and lease direction.
Seller GECAS will retain a slice of the equity, according to a Kroll Bond Rating Agency (KBRA) pre-sale report, and is acting as servicer. Deutsche Bank and Citi are lead structuring agents and lead bookrunners, while Natixis is liquidity provider.
As of 1 May, the weighted average age of the portfolio was eight years, with a weighted average remaining lease term of 4.2 years.
Source: Cirium Dashboard