KBRA Assigns Preliminary Ratings to PK ALIFT Loan Funding 4 LP
12 Sep 2024 | New York
KBRA assigns preliminary ratings to three classes of notes issued by PK ALIFT Loan Funing 4 LP (PKAIR 2024-2), an aviation loan ABS transaction. PKAIR 2024-2 represents the third aviation loan ABS securitization serviced by Apollo PK Air Management (CLO) LP (Apollo PK, or the Servicer), an affiliate of PK AirFinance (the Company). The PK AirFinance platform, which was founded in 1983, provides financing against aircraft and aircraft engines. 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 $4.1 billion secured by approximately 395 aircraft and engines operated by 90 airlines in more than 45 countries.
Proceeds from the Notes will be used to acquire a portfolio of 32 loan facilities (the Facilities) comprised of 129 loans (the Collateral Obligations, and together with the Facilities, the Portfolio). The 32 Facilities are limited recourse (67.8% by loan balance) and full recourse (32.2% by loan balance). As of September 2024, the Portfolio has an initial aggregate loan balance of approximately $666.2 million, an average Collateral Obligation balance of $5.2 million, and a weighted average remaining loan term of approximately 5.3 years. The Portfolio has a weighted average seasoning of approximately nine months.
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