NEW YORK (September 25, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by WAVE 2019-1 LLC and WAVE 2019- 1 Limited.
Proceeds from the sale of the Notes will be used to acquire 23 aircraft that are initially leased to 17 lessees located in 13 countries with an initial total value of approximately $816.96 million.
This transaction represents the second securitization for Wings Capital Partners LLC (“Wings”, the “Servicer” or the “Company”). Wings, founded in 2013, is a commercial aircraft lessor focused primarily in single aisle, in-production commercial jet aircraft. Wings is owned by Sightway Capital, the private markets investment division of Two Sigma Investments, LP; Corrum Capital Management, an independent, employee-owned alternative investment firm focused on investments in private real assets; and Wing’s management team.
The transaction benefits from sufficient credit enhancement and liquidity, as well as a dynamic structure that accelerates principal payments on the Notes in the event of weak performance.