KBRA Assigns Preliminary Ratings to volofin Finance (Ireland) Designated Activity Company and volofin Finance US LLC
18 Nov 2024 | New York
KBRA assigns preliminary ratings to two classes of notes issued by volofin Finance (Ireland) Designated Activity Company and volofin Finance US LLC (together, vFin 2024-1), an aviation loan ABS transaction. vFin 2024-1 represents the inaugural aviation loan ABS securitization sponsored and managed by volofin Capital Management Ltd. (volofin or the Company). The volofin platform, founded in 2019, offers financing solutions for aviation investment firms, aircraft lessors, and airlines and is managed by eight senior management members with an average industry experience of 23 years. Since inception, the Company has originated or acquired interest in 36 loan facilities and four EETC tranches with an aggregate commitment amount of over $1.6 billion, financing 199 aircraft and 108 engines on lease to 72 credit counterparties in 37 countries. The Company’s headquarters is in London with additional offices in New York, South Carolina, and Dublin.
Proceeds from the Notes will be used to acquire a portfolio of 22 loan facilities (the Facilities) comprised of 107 loans (the Loans, and together with the Facilities, the Portfolio). The 22 Facilities include 21 limited recourse facilities (95.8% by loan balance) and one full recourse facility (4.2% by loan balance). As of September 2024, the Portfolio has an initial aggregate loan balance of approximately $533.9 million, an average loan balance of $4.9 million, and a weighted average Facility LTV of 64.5%. The Portfolio has a weighted average remaining loan term of approximately 4.6 years.
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