Stratos, the global aircraft investment specialist, has closed the inaugural ABS featuring securitised debt, with equity sourced from the Japanese Operating Lease (“JOL”) market. The transaction was arranged on behalf of JP Lease (Japan), the leading JOL arranger. JP Lease sponsored the deal and underwrote the equity to sell to its diversified pool of Japanese corporate clients.
The fifteen securitized aircraft were acquired with leases attached (to Air Canada, Scoot, Qatar, FlyDubai, Gulfair, Air Asia, Malindo, Philippine Airlines, TACA, Brussels Airlines and Batik) from two separate sellers (GECAS and Standard Chartered). Stratos arranged the acquisition and novation of the aircraft, the debt bridge funding, warehouse loan, ABS issuance and will service the portfolio through to lease maturity. Stratos’
portfolio under management has doubled following the acquisition of the portfolio and further develops its position as one of the fastest growing independent aircraft servicers.
The securitisation, led by Goldman Sachs and Deutsche Bank, featured A and B notes totalling US$530m distributed to over twenty investors – mainly US insurers and fund managers. US$20m of C notes were retained by Stratos and JP Lease. Both S&P and Kroll rated the A and B notes A and BBB respectively.
