KBRA Assigns Ratings to PK ALIFT Loan Funding 3 LP
11 Jul 2024 | New York
KBRA assigns ratings to four classes of notes issued by PK ALIFT Loan Funding 3 LP (PKAIR 2024-1), an aviation loan ABS transaction. PKAIR 2024-1 represents the second aviation loan ABS securitization serviced by Apollo PK Air Management (CLO) LP, an affiliate of PK AirFinance (The Company). The Company's principal office is in New York with additional offices in London, Luxembourg, Singapore, Tokyo, and Toulouse. PK AirFinance has originated over $40 billion across 3,000 aviation loans since inception and has a managed portfolio of approximately $3.4 billion secured by over 400 aircraft and engines operated by 90 airlines.
Proceeds from the Notes will be used to acquire a portfolio of 27 loan facilities (the Facilities) comprised of 122 loans (the Collateral Obligations, and together with the Facilities, the Portfolio). The 27 Facilities are limited recourse (81.2% by loan balance) and full recourse (18.8% by loan balance). As of June 2024, the Portfolio has an initial aggregate loan balance of approximately $654.8 million, an average Collateral Obligation balance of $5.4 million, and a weighted average remaining loan term of approximately 5.1 years. The Portfolio has a weighted average seasoning of 61 months.
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