Marathon Asset Management, L.P. ('Marathon') closes Aircraft ABS Transaction with Airborne Capital Limited ('Airborne Capital') serving as advisor and servicer

Editor -

SHANNON, Ireland, Dec. 12, 2022 -- Airborne Capital announces the closing of its second asset backed securitisation ('ABS') transaction, MAST 2022-1.

  • Marathon is the sponsor of the ABS while Airborne Capital is the servicer
  • The $303.7 million ABS offered one tranche of notes, all of which have been privately placed, and secured on a portfolio of 15 narrowbody aircraft including two Boeing 737 MAX 8, two Airbus A320neo, six Airbus A320-200s and five Boeing 737-800NG aircraft
  • The portfolio has a weighted average age of 6.0 years and an average remaining lease term of approximately 6.4 years
  • The notes are A-rated, with an initial loan-to-value (LTV) ratio of 61.1%
  • Mizuho Securities was the structuring and placement agent while Clifford Chance and Vedder Price were the legal advisors

Commenting on the transaction, Joe Thorstenson, Managing Director and Head of Marathon's Aviation Strategy said:

"As a long-term investor in the aviation space we are delighted to raise ABS finance on attractive terms for this high-quality portfolio of in-demand aircraft."

Ramki Sundaram, CEO of Airborne Capital said:

"Airborne Capital continues to solidify its strong track record with our second successful ABS issuance.  We are delighted with our partnership with Marathon on this transaction and it represents another strong validation of our origination and asset management credentials, coupled with the delivery of an attractive liability solution."