Kroll Bond Rating Agency assigned preliminary ratings to Series A notes and Series B notes issued by Blackbird Capital II Aircraft Lease and Blackbird Capital II Aircraft Lease U.S., an aviation asset-based securitization transaction. Air Lease and ALC Aircraft Limited are servicing the transaction.
Proceeds from the notes will be used to acquire 18 aircraft (the portfolio) on lease, or expected to be on lease, to 12 lessees located in 11 jurisdictions, including one A320-200 (3.4% by value) that is off-lease.
Unless noted otherwise, all statistics put forth assume the three non-delivered assets will be delivered in September or December and include the off-lease aircraft. As of May 31, the portfolio had a weighted average remaining lease term of approximately 8.3 years and a weighted average age of 2.9 years. The portfolio has an initial value of approximately $989.3 million, based on the average of the half-life base values provided by three third-party appraisers in March, which were adjusted for maintenance conditions as of March by the third-party appraisers.
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