By Andrea Heisinger
New York, March 30 - Aviation Capital Group Corp. priced a hugely upsized $750 million of 10-year senior notes on Wednesday at par to yield 6.75%, a market source said.
The notes were sold in line with guidance in the 6.75% yield area, a source said. The size of the sale was increased from $350 million.
The Rule 144A notes (/BBB-/BBB-) priced at a spread of Treasuries plus 329.6 basis points.
Bookrunners were BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC.
Proceeds are being used for general corporate purposes.
The commercial jet aircraft leasing company is based in Newport Beach, Calif.
| Issuer: | Aviation Capital Group Corp.
|
| Issue: | Senior notes
|
| Amount: | $750 million, increased from $350 million
|
| Maturity: | April 6, 2021
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC
|
| Coupon: | 6.75%
|
| Price: | Par
|
| Yield: | 6.75%
|
| Spread: | Treasuries plus 329.6 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Distribution: | Rule 144A
|
| Trade date: | March 30
|
| Settlement date: | April 6
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 6.75% area
|
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