NEWPORT BEACH, Calif. Oct 11 (Bernama-BUSINESS WIRE)– Wings Capital Partners LLC (“Wings”) announced today the closing of an issuance of $678,075,000 of fixed rate secured notes (the “Notes”) by WAVE 2019-1 LLC and WAVE 2019-1 Limited (“WAVE”), comprised of $555,531,000 of 3.597% Series A Notes, $81,696,000 of 4.581% Series B Notes and $40,848,000 of 6.413% Series C Notes. Proceeds from the issuance of the Notes will be used by WAVE to acquire a portfolio of 23 Airbus and Boeing jet aircraft consisting of 100% in-production narrowbody jet aircraft on lease to a diversified pool of 17 customers in 13 countries.
The Series A Notes, Series B Notes and Series C Notes were rated A, BBB and BB, respectively, by Standard & Poor’s and Kroll Bond Rating Agency. Wings and its Irish affiliate, Wings Capital Partners Aviation Ireland Limited, will act as servicers with respect to the aircraft. In connection with this issuance, Wings utilized a standby letter of credit to access a large portion of the proceeds.