Castlelake LP is preparing its second securitization of leases on older aircraft, according to Kroll Bond Rating Agency.

Castlelake Aircraft Securitization Trust will issue three classes of notes with preliminary ratings from Kroll: $529 million of class A notes with a loan-to-value ratio of 60.2% are rated ‘A’; $105.7 million of class B notes with an LTV of 72.2% are rated ‘BBB’; and $78.5 million of class C notes with an LTV of 81.2% are rated ‘B+’.  The class A and B notes mature in December 2022 and the class C notes mature in June 2020.

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