Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Horizon Aircraft Finance II Limited (“Horizon Cayman”) and Horizon Aircraft Finance II LLC (“Horizon USA”, and, together with Horizon Cayman, the “Issuers”).
This is the third term securitization of aircraft managed by BBAM Aviation Services Limited (“BBAM”) and the second rated by KBRA. BBAM and BBAM US LP (the “Servicers”) will act as servicers for the transaction, and have offices located in San Francisco, Dublin, New York, London, Tokyo, Singapore, Zurich, and Santiago.
Proceeds from the sale of the Notes, together with the equity proceeds, will be used to acquire 20 aircraft (the “Portfolio”) on lease to 16 lessees located in 13 countries. As of May 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 8.5 years with a weighted average remaining lease term of approximately 4.6 years.
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