APL Finance 2023-1 marks significant milestone since the launch of Ashland Place in 2021
NEW YORK, Dec. 13, 2023 – Ashland Place Finance LLC ("Ashland Place"), a commercial aviation financing platform, today announced the pricing of APL Finance 2023-1 Designated Activity Company and APL Finance 2023-1 LLC (together, "APL Finance 2023-1"), its first aviation loan asset-backed securitization (ABS).
APL Finance 2023-1 will issue a total of $324.3 million of notes backed by a static pool of loan facilities secured by 19 narrowbody aircraft, three widebody aircraft and four narrowbody host aircraft engines on lease to twelve lessees located in eleven jurisdictions. Proceeds from the notes, which were oversubscribed, will be used to acquire this portfolio of eleven loan facilities comprised of 26 loans.
Ashland Place believes APL Finance 2023-1 has a unique collateral pool with the loan facilities being 100% primary origination, 100% sole lender and 100% secured. Ashland Place will be the servicer on the transaction. The securitization will have four tranches of notes, with the A-tranche through C-tranche receiving investment grade ratings by KBRA.
This transaction builds upon Ashland Place's presence and deep expertise in aviation lending.
"This is a testament to the strength of our growing platform and a significant milestone that we are incredibly proud to have reached in two short years," said Jennifer Villa, Ashland Place's Executive Director and Group Head. "While this is our inaugural issuance, APL Finance 2023-1 represents only a subset of the loans we have closed to date. Looking to the future, we intend to be a perennial issuer in the aviation ABS market."
APL Finance 2023-1 will feature an esteemed group of board members, including:
- Elizabeth Barry, former Director & Head of Corporate Affairs at Airbus Financial Services
- Anthony Diaz, former President at CIT Aerospace
- Mark O'Kelly, Group CFO at ASL Airlines
ATLAS SP Partners served as the sole structuring agent. Allen & Overy LLP served as legal advisor to Ashland Place, and Milbank LLP served as legal advisor to ATLAS SP Partners. Pivotal Corporate AMS Limited will serve as Managing Agent.