SKY Leasing Announces Closing of $ 663 Million Guaranteed Note Offering | New

SAN FRANCISCO, June 3, 2021 / PRNewswire / – SKY Leasing (“SKY”), a full-service aircraft leasing company, has announced the closing of a $ 663 million guaranteed notes (the “Notes”) by SLAM 2021-1 Limited and SLAM 2021-1 LLC (“SLAM”). SLAM plans to use a portion of the proceeds from the tickets to acquire a portfolio of 16 Airbus and Boeing aircraft valued at approximately $ 885 million. The portfolio presents the youngest average age of an aircraft ever issued for an aircraft ABS, with an average age of 1.6 years and a weighted average lease term of 11.1 years. The portfolio includes the highest concentration of next-generation narrow-body aircraft for an ABS aircraft with 10 A321NEO aircraft in the portfolio. SKY will act as a servicer for SLAM’s aircraft portfolio.

The offer consisted of two series of tickets: $ 592.4 million Series A Notes with an interest rate of 2.434% and $ 70.7 million Series B Notes with an interest rate of 3.422%. The Series A Notes have an Initial Loan to Value (“LTV”) ratio of 67.0% and have been rated A1 by Moody’s Investor Services (“Moody’s”) and A by Kroll Bond Rating Agency (“KBRA”) and Series B Notes have an initial LTV of 75.0% and have been rated Baa1 by Moody’s and BBB by KBRA. The Series A Notes and Series B Notes have an expected original maturity of 7.0 years and an expected initial weighted average life of 5.5 years based on the pricing scenario cash flow model. A subsidiary of SKY acquired the E tickets from SLAM.

“We are delighted that the SLAM portfolio has attracted a diverse global group of investors to achieve the lowest overall return ever for aircraft ABS,” said Matthew Crawford, Head of Capital Markets at SKY. “The success of this transaction validates SKY’s investment approach, which allows our platform to continue to provide effective capital solutions to our airline customers and to deliver high quality portfolios to our capital partners. ”

SKY plans to refinance its existing warehouse debt financing facility with the proceeds of the SLAM transaction.

MUFG and Citi acted as principal structuring agents and principal bookkeepers, Morgan Stanley acted as principal bookrunner and Natixis, Société Générale, BofA Securities and Deutsche Bank acted as bookrunner. joint book on the transaction. Natixis is the provider of the transaction’s liquidity facility. Vedder PC price. acted as legal counsel to SKY and Clifford Chance US LLP acted as legal counsel to the original purchasers.

The Securities have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and have been offered only to qualified institutional buyers in accordance with Rule 144A of the Securities Act and outside. United States to non-US persons in accordance with Regulation S of the Securities Act. This press release is not an offer of securities for sale in United States. Notes may not be offered or sold in United States in the absence of registration under the Securities Act or under an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer of the Notes to the public in any member state of the European Economic Area.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Tickets, and there will be no sale of the Tickets in any jurisdiction in which such an offer, solicitation or sale would be illegal before registration or qualification under the securities laws of that jurisdiction.

About SKY Leasing

SKY Leasing (“SKY”) is a leading aircraft leasing asset manager with offices in Dublin, Ireland and San Francisco, California. It was founded in 2019, in partnership with M&G Investments which took a stake in the company and invested $ 300 million equity of its first fund. As a full-service leasing platform, SKY leverages its experience, global network, industry knowledge and managerial skills to acquire and lease new and young aircraft mid-life. SKY’s corporate mission is to be a leading provider of capital to airlines around the world for sale and leaseback transactions. For more information on SKY Leasing, visit www.skyleasing.com.

Contact:

Anne-Marie Scaramuzza

Investor Relations

Phone. : +1 415 655 5000

Email: [email protected]

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SOURCE Sky Leasing LLC


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