By Paul A. Harris
Portland, Ore., April 11 – Macquarie AirFinance Holdings Ltd. priced a $500 million issue of five-year senior notes (/BB+/BB) at par to yield 8 3/8% on Tuesday, according to market sources.
The yield printed 12.5 basis points tighter than the 8½% to 8¾% price talk. Initial guidance was 8¾% to 9%.
The deal was heard to be playing to $1.5 billion of orders across 82 accounts, a trader said.
JPMorgan, Citigroup and Mizuho were the joint active bookrunners.
The Dublin-based aircraft lessor plans to use the proceeds to prepay a portion of its term loan and to repay a portion of its revolver.
| Issuer: | Macquarie AirFinance Holdings Ltd.
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | May 1, 2028
|
| Active bookrunners: | JPMorgan, Citigroup and Mizuho
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Spread: | 479 bps
|
| First call: | May 1, 2025 at 104.188
|
| Trade date: | April 11
|
| Settlement date: | April 18
|
| Ratings: | S&P: BB+
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8½% to 8¾%
|
| Marketing: | Roadshow
|
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