Stratos, a leading aircraft investment specialist and asset manager, has announced it is the servicer of the new aircraft-backed ABS, SOLRR 2021-1 which closed on November 15 and raised US$$706.5 million of securitised debt for a portfolio of 22 narrow-body aircraft leased to ten airlines in eight countries. The equity was provided by a fund managed by Sculptor Capital Management and press reports indicate that the debt achieved the tightest three-class pricing in the aircraft securitisation market to date. Deutsche Bank was sole structuring agent and bookrunner and the deal featured widely distributed A, B and C notes.
The 21 aircraft were all acquired since the onset of the COVID-crisis, all with leases in place and purchased via a combination of sale/leasebacks from various lessors. With over 40% of the lessees rated investment grade, a weighted average life of 4.2 years and most of the fleet in developed economies, the deal represents one of the highest quality aircraft portfolios introduced to the market.
This is the second ABS for Stratos and this fleet will increase Stratos' portfolio under management to just under 60 aircraft and confirms its position as one of the fastest growing independent aircraft servicers.
