KBRA Assigns Preliminary Ratings to Zephyrus Capital Aviation Partners 2018-1 Ltd

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to one loan (the “Loan”) issued by Zephyrus Capital Aviation Partners 2018-1 Ltd (“ZCAP Ireland”) and Zephyrus Capital Aviation Partners 2018-1 LLC (“ZCAP USA”, and together with ZCAP Ireland, “ZCAP 2018-1” or the “Borrowers”).

This is the inaugural securitization of aircraft managed by Zephyrus Aviation Capital (“Zephyrus” or the “Company”). ZCAP Ireland and ZCAP USA (the “Servicers”) will act as servicer for ZCAP 2018-1. KBRA notes that Virgo Investment Group LLC (“Virgo”) will own over 95% of the equity in ZCAP 2018-1 and is a majority owner of Zephyrus. Seabury Capital (“Seabury”) will be a minority investor in the equity and is also a minority owner of Zephyrus.

Proceeds from the sale of the Loan will be used, together with the equity proceeds to acquire 21 aircraft (the “Portfolio”) on lease to 19 lessees located in 14 countries. As of June 30, 2018, the initial weighted average aircraft age of the Portfolio is approximately 12.9 years with a weighted average remaining lease term of approximately 3.1 years. The Portfolio consists of 18 narrowbody aircraft (69.0% by value) and three widebody aircraft (31.0% by value). The Portfolio has an initial value of approximately $527.3 million.

Loans A (sf) $336,600,000