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Castlelake launches $1.16 billion term loan B at SOFR plus 250 bps
By Sara Rosenberg
New York, Dec. 11 – Castlelake Aviation was scheduled to hold a lender call at 11 a.m. ET on Monday to launch a $1,156,399,537 senior secured first-lien term loan B due Oct. 22, 2026 (Ba3/BB) that is talked at SOFR plus 250 basis points with a 0% floor and an original issue discount of 99.75 to par, according to a market source.
The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.
Financial covenants include a 70% maximum loan to value, a maximum average age and collateral concentration limits.
Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal. Citigroup Global Markets Inc. is the agent.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to reprice an existing term loan due 2026 down from SOFR plus 275 bps.
Castlelake Aviation is a Dublin, Ireland-based provider of aircraft financing, leasing and servicing solutions.
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