Vedder Thinking | News Vedder Price Advises Castlelake in US$785.5 Million Aircraft ABS
August 15, 2017
Vedder Price advised Castlelake, L.P., as sponsor and servicer, and Castlelake Aircraft Structured Trust 2017-1, as borrower, in the funding of $785.5 million in asset-backed loans. Proceeds from the loans will be used to acquire 43 aircraft on lease to 15 lessees located in 11 countries.
This transaction represents the fourth asset-backed structured debt transaction for Castlelake. The transaction was comprised of $616 million of 3.967% Class A Loans, $90 million of 5.926% Class B Loans and $79.5 million of 6.899% Class C Loans. Vedder Price was also counsel to Castlelake in their prior three asset-backed debt issuances: CLAS 2016-1 ($916 million issuance), CLAS 2015-1 ($713 million issuance) and CLAS 2014-1 ($515.6 million issuance).
The Vedder Price team included Global Transportation Finance attorneys Geoff Kass, Adam Beringer, Mark Ditto, Jillian Greenwald, Ryan Prindle, Rebecca Rigney and Brian Wendt as well as Corporate Solicitor Jon Edgelow.
“We are proud to have partnered with Castlelake in their fourth ABS deal in four years. This transaction, together with the many other aircraft asset-backed structured debt transactions in which we have advised issuers, underwriters and equity participants in recent years, further underscores the capabilities of our capital markets practice and our ability to deliver effective and efficient solutions to clients in this space,” said Mr. Kass.