EETCs have always been an attractive form of financing for U.S carriers, both before and after the crisis but international carries are increasingly looking at this option to financing new aircraft deliveries.
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Citigroup is the lead bookrunner and is joined by HSBC, Deutsche Bank, and Morgan Stanley.
The deal was assigned preliminary ratings by Fitch Ratings and Moody’s Investors Service. The $721.6 million senior tranche Class A certificates, with an expected maturity of June 2024, were rated 'A' by Fitch and ‘Baa1’ by Moody’s. The $207.0 million Class B certificates, with an expected maturity of June 2020, were rated 'BBB’ by Fitch and ‘Ba1’ by Moody’s.
The class A notes priced at a coupon rate of 4.625% and the class B notes priced at a rate of 5.625%, according to a Deutsche Bank report.
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The certificates were rated by Moody’s. The $462 million A certificates, with an expected final maturity of June 30, 2023, were rated ‘A3’ (stable). The $168 million B certificates, with an expected final maturity of November 20, 2019, were rated ‘Baa3’ (stable).
The A- tranche of Doric was priced at a coupon rate 5.25% and the B-tranche was priced at a coupon rate of 6.125%
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