Esoteric

The $378.5 million transaction is more heavily leveraged than the sponsor's prior deal, completed in 2015; it is also rated one notch lower by Kroll.

Proceeds from the deal, which is rated by Kroll Bond Rating Agency, will be used to repay unrated notes that the company issued earlier in 2018.

The transaction, which consists of a single tranche of notes with a preliminary A rating from Kroll Bond Rating Agency.

The $612 million Horizon Aircraft Finance 1 carries preliminary single-A ratings from Fitch and Kroll, on par with the $1.2 billion deal the sponsor completed in 2015.

The firm's risk profile has not altered, executives said on a third-quarter earnings call Wednesday; it remains "appropriately cautious."

It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.

The $325 million deal is backed by franchise fees and royalties; the collateral does not include profits from company-owned stores.

It is issuing another $55 million of Series 2018-1 bonds backed by cell tower leases from its Diamond Issuer master trust; some $41 million will be deposited in a prefunding account.

The notes are secured by a pool of 35 mid- to end-of-life aircraft, according to Fitch Ratings. The pool has a weighted average age of 13.9 years.

The $262.7 million deal has an expected repayment date of 10 years from the first payment date; is also earned a lower credit rating of A- from Kroll.