New Issue: Aircastle prices $500 million senior notes due May 2024 at par to yield 4 1/8%

By Paul A. Harris

Portland, Ore., March 6 – Aircastle Ltd. priced a $500 million issue of senior notes due May 1, 2024 (Ba1/BB+) at par to yield 4 1/8% on Monday, according to market sources.

The yield printed at the tight end of the 4 1/8% to 4¼% yield talk. Initial guidance was 4¼% to 4½%.

Citigroup Global Markets Inc. was the left bookrunner for the public offering. BNP Paribas Securities Corp., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG and RBC Capital Markets were the joint bookrunners.

The Stamford, Conn.-based commercial jet aircraft lessor plans to use the proceeds for general corporate purposes, including debt redemption.

Issuer:	Aircastle Ltd.
Amount:	$500 million
Maturity:	May 1, 2024
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	BNP Paribas Securities Corp., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG and RBC Capital Markets
Coupon:	4 1/8%
Price:	Par
Yield:	4 1/8%
Spread:	181 bps
Call protection:	Make-whole call at Treasuries plus 50 bps until 90 days prior to maturity, otherwise non-callable
Equity clawback:	40% at 104.125 until May 1, 2020
Trade date:	March 6
Settlement date:	March 20
Ratings:	Moody's: Ba1
	S&P: BB+
Distribution:	SEC registered
Price talk:	4 1/8% to 4¼%
Marketing:	Quick to market

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