KBRA Assigns a Preliminary Rating to SLAM 2024-1 Limited
10 Sep 2024 | New York
KBRA assigns a preliminary rating to SLAM 2024-1 Limited and SLAM 2024-1 LLC (together, SLAM 2024-1), an aviation ABS transaction. SLAM 2024-1 represents the third aviation ABS transaction sponsored by SKY Aero Management Limited and SKY Leasing, LLC (SKY, the Company or the Servicer). The Company is comprised of 40 individuals operating out of three offices with headquarters in San Francisco, California. As of August 2024, the Company had 111 aircraft under management valued at over $5.0 billion.
Proceeds from the Series A Notes will be used to acquire a portfolio of 22 assets (the Portfolio); consisting of 21 narrowbody aircraft (88.0% by value) and one widebody aircraft (12.0% by value) on lease (or expected to be on lease to) to 12 lessees located in 10 jurisdictions. As of June 30, 2024 (the Cutoff Date), the weighted average age of the Portfolio is approximately 4.8 years, and the weighted average remaining term of the initial lease contracts is approximately 7.3 years. The Portfolio has an initial value of approximately $825.4 million.
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