Vedder advised the initial purchasers on the deal.
Deutsche Bank Securities, Goldman Sachs & Co. LLC, Citigroup and Natixis acted as the initial purchasers of $540.12 million of secured notes (the “Notes”) issued by MAPS 2021-1 Trust (“MAPS 2021-1”), which is the third aviation ABS transaction in the MAPS ABS program.
MAPS 2021-1 intends to use a portion of the proceeds of the Notes to acquire a portfolio of 20 Airbus and Boeing aircraft valued at approximately $628 million from funds advised by Apollo Global Management. The portfolio features 18 narrowbody aircraft and two freighters, with a weighted average age of 5.8 years overall and 4.3 years excluding freighters, and a weighted average remaining lease term of 8.4 years. Merx Aviation will act as servicer for the portfolio.
The offering consisted of three classes of Notes: $417.65 million of Class A Notes with an interest rate of 2.521%, rated A1(sf) by Moody’s Investor Services (“Moody’s”) and A(sf) by Standard & Poor’s Rating Services (“S&P”); $72.23 million of Class B Notes with an interest rate of 3.425%, rated Baa1(sf) by Moody’s and BBB(sf) by S&P; and $50.24 million of Class C Notes with an interest rate of 5.437%, rated Ba1(sf) by Moody’s and BB(sf) by S&P.
The Vedder Price team was led by Jeffrey T. Veber (Picture), Vice Chair of the firm’s Executive Committee, member of the firm’s Board of Directors and Global Transportation Finance Shareholder, Kevin A. MacLeod, Shareholder and Head of the New York Capital Markets Group and Matthew P. Larvick, Tax Shareholder with support from Global Transportation Finance Associates Daniel M. Cunix, Majk Kamami and John G. Munyon.
Law Firms: Vedder Price;