Air Lease Corporation is preparing a $450 million ABS deal.

The USA based lessor will issue two classes notes via Thunderbolt II Aircraft Lease Limited and Thunderbolt II Aircraft Lease US LLC.

The notes consist of two tranches: a $375 million A tranche and a $75 million B tranche.

The initial loan-to-value (LTV) is 65.1% on the A tranche, 78.2% on the B tranche.

Update:  Air Lease’s (ALC's) Thunderbolt II asset-backed securitisation (ABS), which launched on 10 July, has generated interest for the equity notes (E-notes). Airfinance Journal understands the E-notes represent $101 million and 10% will be purchased by US private equity firm ITE Management. Another 5% will be purchased by ALC while the remaining 85% will be offered to investors.