Wings Capital Partners LLC has announced the closing of an issuance of USD 480,067,000 of fixed rate secured notes by WAVE 2017-1 LLC and WAVE 2017-1 Limited, the company said.
The notes are comprised of USD 393,308,000 of 3.844% Series A Notes, USD 57,839,000 of 5.682% Series B Notes and USD 28,920,000 of 6.656% Series C Notes. Proceeds from the issuance of the Notes will be used by WAVE to acquire a portfolio of 19 Airbus and Boeing jet aircraft consisting of 18 narrowbody jet aircraft and 1 widebody jet aircraft on lease to a diversified pool of 17 customers in 14 countries.
The Series A Notes, Series B Notes and Series C Notes were rated A, BBB and BB, respectively, by Standard & Poor´s and Kroll Bond Rating Agency. Wings and its Irish affiliate, Wings Capital Partners Aviation Ireland Limited, will act as servicers with respect to the aircraft.
Goldman Sachs & Co. LLC, Credit Agricole Securities and Wells Fargo Securities acted as Co-Structuring Agents and Joint Bookrunners on the transaction.
Wings and WAVE were advised by Clifford Chance US LLP, and Milbank, Tweed, Hadley & McCloy LLP acted as counsel to the Structuring Agents and Bookrunners.
Wings Capital Partners is a private company that owns and manages predominantly single-aisle, in-production commercial jet aircraft on lease to airlines around the world. The company was formed in 2013 by R. Stephen Hannahs and Two Sigma Private Investments, and has added Corrum Capital Management as a second principal investor. To learn more, visit www.wingscap.com.