Milbank LLP’s Transportation and Space Group advised PK AirFinance in connection with its inaugural aircraft loan asset-backed securitization, called PK ALIFT LOAN FUNDING 3 Series 2024-1 (“PKAIR 2024-1”). The securitization, which garnered broad participation from capital markets participants, is the first commercial aircraft loan ABS issuance in 2024 and the first AAA-rated aviation ABS public issuance in over 20 years. PKAIR 2024-1 included the issuance of over $622 million of notes (the “Notes”) which were used to acquire the rights to the economics of a portfolio of aviation loans. The Notes are secured by the proceeds of a portfolio of 122 senior-secured aviation loans across 70 narrowbody aircraft, 6 widebody aircraft, 30 freighter aircraft, 7 engines and 9 regional jet aircraft across 52 unique debtors. PK AirFinance is a leading aviation lending platform and affiliate of Apollo (NYSE: APO). The Milbank team was led by New York-based Transportation and Space partners Drew Fine and Joshua Forman along with associates Matt Slider and Nathan Hamill. The deal team also included Alternative Investments partners Sean M. Solis, Brian Troxler and Catherine Leef Martin and Corporate Finance and Securities partner Brett Nadritch, with support from Alternative Investments special counsel Philip Powers and associate Taha Khan and Corporate Finance and Securities associates Abir Varma and Harper Ricks.