KBRA Assigns Preliminary Ratings to WAVE 2019-1 LLC
NEW YORK–(BUSINESS WIRE)–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.
|
Notes |
Preliminary Rating |
Initial Principal Amount |
|
Series A Notes |
A (sf) |
$555,531,000 |
|
Series B Notes |
BBB (sf) |
$81,696,000 |
|
Series C Notes |
BB (sf) |
$40,848,000 |
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Contacts
Analytical:
Alan Greenblatt, Senior Director
(646) 731-2496
agreenblatt@kbra.com
Chris Baffa, Associate Director
(646) 731-3312
cbaffa@kbra.com
Michael Lepri, Associate Director
(646) 731-3389
mlepri@kbra.com
Zara Shirazi, Director
(646) 731-3326
zshirazi@kbra.com