Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two series of notes (the “Notes”) issued by issued by Thunderbolt III Aircraft Lease Limited (“TBOLT III Cayman”) and Thunderbolt III Aircraft Lease US LLC (“TBOLT III USA”, and, together with TBOLT III Cayman, “TBOLT III”, or the “Issuers”).
This is the fourth term securitization of aircraft managed by Air Lease Corporation (“ALC” or the “Company”). ALC and ALC Aircraft Limited (together, the “Servicers”) will act as servicers for TBOLT III. ALC is headquartered in Los Angeles, California, with regional offices in Dublin, Ireland and Hong Kong.
Proceeds from the sale of the Notes will be used, together with the equity proceeds, to acquire 19 aircraft (the “Portfolio”) on lease to 18 lessees located in 15 countries. As of August 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 9.7 years with a weighted average remaining lease term of approximately 3.8 years.
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