KBRA Assigns a Preliminary Rating to Horizon Aircraft Finance IV Limited
3 Sep 2024 | New York
KBRA assigns a preliminary rating to one series of notes issued by Horizon Aircraft Finance IV Limited and Horizon Aircraft Finance IV LLC (together, Horizon 2024-1), an aviation ABS transaction. Horizon 2024-1 represents the fifth aviation ABS transaction serviced by BBAM Aviation Services Limited and BBAM US LP (together, BBAM or the Company). BBAM is a manager of commercial aircraft and has provided fleet and financing solutions to more than 100 airlines in over 50 countries. As of March 31, 2024, the Company had approximately $18.3 billion in assets under management, including its managed portfolio of over 530 aircraft.
Proceeds from the Series A Notes (the Notes) will be used to acquire a portfolio of 17 assets (the Portfolio); consisting of 17 narrowbody aircraft on lease to 10 lessees located in eight jurisdictions. As of July 31, 2024 (the Cutoff Date), the weighted average age of the Portfolio is approximately 1.9 years, and the weighted average remaining term of the initial lease contracts is approximately 9.2 years. The Portfolio has an initial value of approximately $838.5 million.
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