Castlelake L.P. said it has priced its second aircraft securitization: Castlelake Aircraft Securitization Trust 2015-1 (CLAS 2015-1).
CLAS 2015-1 totals USD713 million of asset backed debt and will be used to acquire a fleet of 54 aircraft and six aircraft engines.
CLAS 2015-1 is comprised of three tranches with the following coupons: USD529 million Class A notes at 4.703 percent, USD105.713 million Class B notes at 5.750 percent, and USD78.5 million Class C notes at 9.000 percent.
The Class A notes have an initial loan-to-adjusted base value (“LTV”) of 60.2 percent and have been rated A- by Standard & Poor´s (S&P) and A by Kroll Ratings. Class B notes have an initial LTV of 72.2 percent and are rated BBB by S&P and Kroll Ratings, and the Class C notes have an initial LTV of 81.2 percent and are rated B by S&P and B+ by Kroll Ratings.
Castlelake will act as servicer for the transaction. Deutsche Bank Securities, Inc. and Goldman, Sachs & Co. acted as lead bookrunners for the transaction and were joined by Citigroup Global Markets Inc. and Credit Agricole Securities (USA) Inc. as joint bookrunners.
Additionally, DVB Capital Markets LLC, Mitsubishi UFJ Securities (USA), Inc. and Credit Suisse Securities (USA) LLC acted as co-managers for the transaction.
CrÃ©dit Agricole Corporate and Investment Bank, acting through its New York Branch serves as liquidity facility provider.
Castlelake is a global private investment firm focused on investments in alternative assets, sub-performing loans, dislocated industries and corporate special situations, and is an experienced leader in aircraft ownership and servicing. Castlelake´s team comprises more than 90 professionals with deep expertise, located in Minneapolis and London. Castlelake manages approximately USD7.4 billion in assets.