Zephyrus Aviation Capital has launched a $337 million aircraft securitisation which will fund the purchase of the first aircraft portfolio for the expanded platform.
The series-A loans will be backed by a portfolio with 21 aircraft on lease to 19 lessees in 14 countries, says a Kroll Bond Rating Agency report. The weighted average age of the fleet is 12.9 years and the average remaining lease term 3.1 years.
S&P Global Ratings and KBRA both rate the notes "A". The deal is set to price late today.
Zephyrus shareholders Virgo Investment and Seabury Capital will indirectly retain the equity in the securitisation.
Deutsche Bank is the sole structuring agent and lead arranger for the transaction, while DVB Bank is providing the liquidity facility. Zephyrus is servicer.
Virgo and Seabury teamed up to expand the Zephyrus platform earlier this month. Management consists of ex-CIT Aerospace executives, including that operation's former president Tony Diaz and former chief commercial officer Damon D'Agostino.
Source: Cirium Dashboard