Diamond Head Aviation 2015 Limited is prepping $260.8 million of bonds backed by leases on older aircraft, according to presale reports from Standard & Poor’s and Kroll Bond Rating Agency.

The deal will issue a senior tranche of $199.3 million class A notes with a loan-to-value ratio (LTV) of 54% and a junior tranche of $61.5 million class B with an LTV of 70.4%. Both S&P and Kroll assigned preliminary ‘A’ and ‘BBB’ ratings to the class A and B notes, respectively.

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