New Issue: Aircastle prices upsized $500 million 5% seven-year notes at par

By Paul A. Harris

Portland, Ore., March 21 – Aircastle Ltd. priced an upsized $500 million issue of non-callable seven-year senior notes (Ba1/BB+) at par to yield 5% on Monday, according to a market source.

The issue size was increased from $400 million.

The yield printed at the tight end of yield talk in the 5 1/8% area.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG and RBC Capital Markets LLC were the joint bookrunners.

The Stamford, Conn.-based company plans to use the proceeds for general corporate purposes, which may include the acquisition of aircraft or debt refinancing.

Issuer:	Aircastle Ltd.
Amount:	$500 million, increased from $400 million
Maturity:	April 1, 2023
Securities:	Senior notes
Bookrunners:	Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG, RBC Capital Markets LLC
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	330 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Trade date:	March 21
Settlement date:	March 24
Ratings:	Moody's: Ba1
	Standard & Poor’s: BB+
Distribution:	SEC registered
Price talk:	5 1/8% area
Marketing:	Quick to market

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