New Issue: Aircastle prices upsized $400 million five-year bullets at par to yield 4 5/8%

By Paul A. Harris

Portland, Ore., Dec. 2 - Aircastle Ltd. launched and priced an upsized $400 million issue of non-callable five-year senior notes (Ba3/BB+) at par to yield 4 5/8% on Monday, according to a syndicate source.

The deal was upsized from $300 million. The yield printed at the tight end of yield talk in the 4¾% area.

Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets LLC were the joint bookrunners.

The company plans to use the proceeds for general corporate purposes, including the purchase of aviation assets.

Issuer:	Aircastle Ltd.
Amount:	$400 million, increased from $300 million
Maturity:	Dec. 15, 2018
Securities:	Senior notes
Bookrunners:	Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets LLC
Coupon:	4 5/8%
Price:	Par
Yield:	4 5/8%
Spread:	321 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Equity clawback:	35% at 104.625 until Dec. 15, 2016
Investor put:	101% upon change of control
Trade date:	Dec. 2
Settlement date:	Dec. 5
Ratings:	Moody's: Ba3
	Standard & Poor's: BB+
Distribution:	SEC registered
Price talk:	4¾% area
Marketing:	Quick to market

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