By Paul A. Harris
Portland, Ore., Oct. 8 – Castlelake Aviation Ltd. priced a $420 million issue of 5.5-year senior notes (B2/B+/BB/Kroll: BB+) at par to yield 5% on Friday, according to market sources.
The yield printed in the middle of yield talk and initial guidance, both of which had been set in the 5% area.
Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners were Citigroup Global Markets Inc., Barclays, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, MUFG and RBC Capital Markets LLC.
The notes will be issued via Castlelake Aviation Finance DAC.
The newly formed Ireland-based aircraft leasing company plans to use the proceeds to repay debt and capitalize the new corporate Castlelake entity.
| Issuer: | Castlelake Aviation Finance DAC
|
| Amount: | $420 million
|
| Maturity: | April 15, 2027
|
| Securities: | Senior notes
|
| Left bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
|
| Joint bookrunners: | Citigroup Global Markets Inc., Barclays, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, MUFG and RBC Capital Markets LLC
|
| Co-managers: | Fifth Third Securities Inc. and Natixis Securities Americas LLC
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 386 bps
|
| First call: | April 15, 2024 at 102.5
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 22
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Fitch: BB
|
| Kroll: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% area
|
| Marketing: | Roadshow
|
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