Elix issues first turboprop only securitization

Elix issues first turboprop only securitization

Elix Aviation has closed its first securitization with a $411 million offer. This three-tranche securitization is the first asset-backed transaction backed entirely by turboprop aircraft.

The Irish lessor sold a portfolio of 63 turboprops valued at $545.1 million.

The portfolio comprises of eight variations different ATR and Bombardier types. The ATR 72-600 and Dash 8-400 represent the largest portion of the portfolio value at 24.0% and 23.9% respectively.

As of 21 December 2016, this portfolio represents 82.9% of Elix’s leased fleet.


 

Borrower: Prop 2017-1
Aircraft: 7 ATR 72-600, 6 Dash 8-400, 11 Dash 8-300, 3 ATR 42-300, 10 ATR 42-500, 4 Dash 8-100, 6 ATR 72-500, 16 Dash 8-200.

Series A Size: $300 million
Rating: A (Kroll)
Interest rate: 5.3%
Loan to value: 55%
Legal final maturity: 15 March, 2042

Series B Size: $57 million
Rating: BBB (Kroll)
Interest rate: 6.9%
Loan to value: 65.5%
Final maturity: 15 March, 2042

Series C Size: $54 million
Rating: B (Kroll)
Interest rate: 9.55%
Loan to value: 75.4%

Final maturity: 15 March, 2042

Servicer: Elix  Aviation Capital Limited
Liquidity facility provider: DVB Bank SE
Managing agent: Phoenix American Financial Services
Facility Agent, Operating Bank, Security Trustee and Trustee: Wells Fargo Bank, N.A.

Alex Baldwin
By Alex Baldwin February 21, 2017 18:14