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Aviation Capital makes return trip to aircraft lease ABS market

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Aviation Capital Group LLC is back in the aircraft lease ABS market for the first time in three years.

The Newport Beach, Calif., company’s second-ever securitization of commercial aircraft leases will raise proceeds for the acquisition of 24 aircraft on lease to airlines in 15 countries.

The planes have a weighted average of 7.8 years with remaining lease terms of five years. The portfolio consists entirely of narrowbody, single-aisle jets, and has an initial value of approximately $601.9 million.

The $403 million of Series A notes amortize on a 12.8-year straightline schedule.

Mizuho is the sole structuring agent, global coordinator and left lead bookrunner.

According to Kroll, ACG's first transaction in 2016 has performed within expectations.

According to Kroll, ACG had a fleet of 481 owned, managed and committed aircraft across 90 airlines in 45 countries, with a value of $9.7 billion.

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Aircraft lease securitization