Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Horizon Aircraft Finance III Limited (“Horizon Cayman”) and Horizon Aircraft Finance III LLC (“Horizon USA”, and, together with Horizon Cayman, the “Issuers”).
This is the fourth term securitization of aircraft managed by BBAM Aviation Services Limited (“BBAM”) and the third 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 will be used to acquire 18 aircraft (the “Portfolio”) on lease to 15 lessees located in 12 countries. As of September 30, 2019, the initial weighted average age of the Portfolio is approximately 8.4 years with a weighted average remaining lease term of approximately 5.1 years.
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