Wings Capital Partners LLC Announces the Issuance of $678,075,000 Secured Notes
Wings Capital Partners LLC (“Wings”) announced today the issuance of $678,075,000 of fixed rate secured notes (the “Notes”) by WAVE 2019-1 LLC and WAVE 2019-1 Limited (“WAVE”), comprised of $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. Proceeds from the issuance of the Notes will be used by WAVE to acquire a portfolio of 23 Airbus and Boeing jet aircraft consisting of 100% in-production narrowbody jet aircraft on lease to a diversified pool of 17 customers in 13 countries.
Wings and its Irish affiliate, Wings Capital Partners Aviation Ireland Limited, will act as servicers with respect to the aircraft.
Goldman Sachs & Co. LLC is the Global Coordinator, Lead Bookrunner and Lead Structuring Agent, Deutsche Bank Securities is a Joint Lead Bookrunner,and Credit Agricole Securities is a Joint Structuring Agent and Joint Lead Bookrunner. In addition, Credit Suisse Securities (USA) LLC, MUFG, Natixis and BNP Paribas are 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.
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.
About Wings Capital Partners
Wings is a private, full-service aircraft leasing platform based in Newport Beach, California, with offices in Dublin, Ireland and Singapore. The platform’s investments are primarily in single-aisle, in-production commercial jet aircraft from new to 10 years of age on lease to airlines around the world. The company was formed in 2013 by R. Stephen Hannahs and is led by a highly-experienced management team with significant aviation leasing experience (led by a senior team with an average 30 years of experience) and long-standing airline, OEM, lessor, banking, investor and legal relationships. Wings is owned by long-term investors Sightway Capital (previously known as Two Sigma Private Investments) and Corrum Capital Management, with the Wings management team holding a minority equity stake.
The Notes have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. This press release is not an offer of securities for sale in the United States. The Notes may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an applicable exemption from the registration requirements of the Securities Act.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor will there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
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