Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Falcon 2019-1 Aerospace Limited (“Falcon Cayman”) and Falcon 2019-1 Aerospace USA LLC (“Falcon 2019-1 USA”, and, together with Falcon Cayman, “Falcon 2019-1”, or the “Issuers”). This is the fourth term securitization of aircraft managed by Dubai Aerospace Enterprise (DAE) Ltd. (“DAE”, the “Company” or “Servicer”) who will act as servicer for Falcon 2019-1.
Proceeds from the sale of the Notes will be used, together with the equity proceeds, to acquire 23 aircraft (the “Portfolio”) on lease to 17 lessees located in 14 countries. As of August 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 10.4 years with a weighted average remaining lease term of approximately 4.5 years. The Portfolio consists of 20 narrowbody aircraft (65.5% by value) and 3 widebody aircraft (34.5% by value). As of August 31, 2019, the Portfolio has an initial value of approximately $612.3 million, based on the average of the half-life base values provided by three appraisers as of June 2019 which includes an adjustment by Alton Aviation Consultancy LLC (“Alton”) to reflect maintenance conditions as of August 2019.
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