By Devika Patel
Knoxville, Tenn., Sept. 24 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust offered further details, including the price and yield, about a $1.5 billion sale of guaranteed senior notes (Baa3/BBB-/BBB-) that priced in two tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $900 million of 3.15% senior notes due Feb. 15, 2024 at a spread of 320 basis points over Treasuries. These notes priced at 99.329 to yield 3.362%.
Initial price talk was at the 250 bps spread area.
A $600 million tranche of 4.625% notes due Oct. 1, 2027 priced at 445 bps over Treasuries. These notes priced at 98.297 to yield 4.913%.
The notes were talked to print in the 465 bps over Treasuries area.
BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc. and MUFG were the bookrunners.
The notes are guaranteed by AerCap Holdings NV.
AerCap will use proceeds to fund cash tender offers to purchase its 4.5% notes due 2021, 5% notes due 2021, 4.45% notes due 2021 and 3.95%notes due 2022 for an aggregate purchase price of $500 million.
The aircraft leasing company is based in Dublin.
| Issuers: | AerCap Ireland Capital DAC and AerCap Global Aviation Trust
|
| Guarantor: | AerCap Holdings NV
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| Amount: | $1.5 billion
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| Description: | Senior notes
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| Bookrunners: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc. and MUFG
|
| Co-managers: | Fifth Third Securities Inc., KeyBanc Capital Markets Inc. and Scotia Capital (USA) Inc.
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| Trade date: | Sept. 23
|
| Settlement date: | Sept. 25
|
| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
|
|
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| Notes due 2024
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| Amount: | $900 million
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| Maturity: | Feb. 15, 2024
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| Coupon: | 3.15%
|
| Price: | 99.329
|
| Yield: | 3.362%
|
| Spread: | Treasuries plus 320 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Jan. 15, 2024, then a par call
|
| Price guidance: | Treasuries plus 250 bps area
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|
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| Notes due 2027
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| Amount: | $600 million
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| Maturity: | Oct. 1, 2027
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| Coupon: | 4.625%
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| Price: | 98.297
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| Yield: | 4.913%
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| Spread: | Treasuries plus 445 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2027, then a par call
|
| Price guidance: | Treasuries plus 465 bps area
|
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