US-based lessor Wings Capital Partners is in the market with its second asset-backed securitisation (ABS) transaction covering 23 aircraft.

WAVE 2019-1 LLC and WAVE 2019- 1 Limited will be issued in three tranches notes totalling $678 million including $555,531,000 of 3.597% Series A Notes, $81,696,000 of 4.581% Series B Notes and $40,848,000 of 6.413% Series C Notes. 

Goldman Sachs & Co. LLC acted as the Global Coordinator, Lead Bookrunner and Lead Structuring Agent, Deutsche Bank Securities acted as a Joint Lead Bookrunner, and Credit Agricole Securities acted as a Joint Structuring Agent and Joint Lead Bookrunner. In addition, Credit Suisse Securities (USA) LLC, MUFG, Natixis and BNP Paribas acted as Passive Bookrunners for the transaction. Credit Agricole Corporate and Investment Bank, acting through its New York branch, provides the liquidity facility and a standby letter of credit for the benefit of the Issuers.

Proceeds from the sale of the notes will be used to acquire 23 aircraft that are initially leased to 17 lessees.

Wings and WAVE were advised by Clifford Chance US LLP, and Milbank LLP acted as counsel to the Structuring Agents and Bookrunners and also for the Liquidity Facility Provider and the issuer of the standby letter of credit.