Zephyrus Aviation Capital was awarded the North America Deal of the Year for 2018 by AirFinance Journal for its initial asset-backed securities (ABS) transaction, ZCAP 2018-1, valued at $336.6 million.
The transaction was for 21 mid- to late-life aircraft, which included a mix of predominantly narrowbody, in-production Airbus and Boeing aircraft.
Launched in 2018, Zephyrus is led by a highly-skilled executive team and backed by Virgo Investment Group, a private investment firm based in the San Francisco Bay Area. The transaction marks the first time a newly-launched platform and first-time issuer has acquired aircraft directly into an ABS structure.
The single A-tranche structure has a fixed coupon of 4.605%, with a yield of 5.153%, and an LTV of 74%. The ABS has been rated A/A by S&P Global Ratings and Kroll Bond Rating Agency, respectively.
Damon J. D’Agostino, CEO of Zephyrus, said, “Being oversubscribed by more than two times by sophisticated investors who know the space well shows the value and experience they place on the Zephyrus team. This prestigious award by AirFinance Journal underscores that fact within the industry. We are truly humbled by the recognition, and I am proud of what the Zephyrus team was able to accomplish out of the gate.”
Over 85% of the aircraft were closed into the structure during the initial three months after transaction closing.
Zephyrus Aviation Capital is an aircraft and engine leasing & trading company led by a team of industry veterans and focused on aircraft which are in the mid to mature stage of their lifecycle.
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