Aviation

May 29, 2019
 

Goshawk prices ABS transaction

Goshawk Management has priced the Pioneer Aircraft Finance (PION 2019-1) aircraft lease asset-backed securities (ABS) transaction.

The $529 million Pioneer Aircraft Finance is the first-time securitisation by Dublin-based lessor Goshawk.

The notes are being co-issued by Pioneer Aircraft Finance trusts in the Cayman Islands and the US.

The Pioneer transaction features three note classes: a $428 million Class A tranche, carrying a 3.97% coupon, with an initial single-A rating from both Kroll Bond Rating Agency (KBRA) and Fitch Ratings; a $75 million Class B tranche, carrying a 4.95% coupon and rated triple-B by KBRA and Fitch; and a $26 million Series C notes tranche, carrying a 6.90% coupon and rated as double-B by both rating agencies.

There is also a $114 million E tranche in the deal.

Certain entities affiliated with Goshawk will collectively acquire a minority portion (10%) of the equity.

Joint lead bookrunners on the deal are Mizuho Securities, Goldman Sachs, Crédit Agricole CIB and Citi.

BNP Paribas is passive bookrunner on the deal.

Notes are secured on 18 aircraft: 11 A320-200s, five B-737-800s, one B-737-900ER and one E190 on lease to 18 lessees in 15 countries.