US$ 585 Million Asset Backed Securitization Deal

Canyon CTS is pleased to announce that Canyon Financial Services Limited (“Canyon”) has been appointed as Managing Agent for the Sprite 2017 – 1 US$ 585 million debut Asset Backed Securitization (ABS) of a portfolio of 21 aircraft by World Star Aviation. 

The inaugural ABS transaction closed on December 4, 2017 and was backed by a joint venture between World Star Aviation and Oaktree Capital Management. The aircraft will initially be leased to 15 commercial airlines located in 12 countries. The transaction was rated by Standard & Poor’s Financial Services and by Kroll Bond Rating Agency.

Alongside Canyon in our role of Managing Agent for the transaction, World Star Aviation is the Servicer, Mizuho Securities is the Global Coordinator, Lead Structuring Agent and Lead Bookrunner, Morgan Stanley is the Co-Structuring Agent and Joint Bookrunner, Wells Fargo Bank is the Trustee and DVB Bank SE is providing the Liquidity Facility.