Castlelake, L.P., a global alternative investment manager specializing in asset-backed private credit with 17 years of tenure investing in, financing and managing aviation assets (“Castlelake”) today announced the full repayment of Castlelake Aircraft Securitization Trust 2015-1R (“CLAS 2015-1R”), an aircraft-backed securitization (“ABS”) originally issued by Castlelake in 2015 and refinanced in 2019.
CLAS 2015-1R was comprised of $355 million of asset-backed debt and an asset portfolio of 41 aircraft and 15 engines. Castlelake completed the repayment more than one year ahead of forecast using cash flow from leases and proceeds from the sale of assets.
“As a result of proactive and diligent asset servicing, management and remarketing efforts, we are pleased to complete the repayment of Castlelake Aircraft Securitization Trust 2015-1R,” said Joe McConnell, Partner, Deputy Co-chief Investment Officer at Castlelake. “We are proud of this achievement and believe it serves as a prime example of the effectiveness of Castlelake’s hands-on approach to investment management.”
“In spite of the challenging backdrop of the COVID-19 pandemic and the Russia-Ukraine war, Castlelake was able to completely pay off this debt more than one year ahead of schedule,” McConnell added.
This is the fifth aircraft ABS that Castlelake has fully repaid or refinanced. Previously, Castlelake repaid or refinanced Castlelake Aircraft Securitization Trust 2014-1; Castlelake Aircraft Securitization Trust 2014-1R; Castlelake Aircraft Securitization Trust 2015-1; and Castlelake Aircraft Structured Trust 2017-1.
Castlelake has utilized the ABS market to finance pools of aircraft assets since 2014 when it issued the first aircraft ABS in the market following the global financial crisis. In 2021, Castlelake once again reopened the aircraft ABS market with the issuance of Castlelake Aircraft Structured Trust 2021-1 after the market had effectively closed during the COVID-19 pandemic. Castlelake has raised over $6 billion of other secured aircraft financings via 100+ lender relationships.
As a strategic partner and active capital provider to aviation asset owners and lessees since its inception, Castlelake has invested over $17 billion in aviation opportunities, acquired more than 650 aircraft and developed relationships with approximately 200 airlines.