Published on 7/17/2017 in the Prospect News Investment Grade Daily.
New Issue: AerCap prices $1 billion of 3.65% 10-year senior notes at 140 bps over Treasuries
By Cristal Cody
Tupelo, Miss., July 17 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust sold $1 billion of 3.65% 10-year guaranteed senior notes (Baa3/BBB-/BBB-) on Monday at 99.494 to yield 3.711%, according to a market source, news release and an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 140 basis points, on the tight side of talk in the Treasuries plus 145 bps area, plus or minus 5 bps.
The bookrunners were Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Santander Investment Securities Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC.
The notes are guaranteed by parent company AerCap Holdings NV and certain other subsidiaries.
Proceeds will be used for general corporate purposes, including to acquire, finance or refinance aircraft assets and to repay debt.
AerCap is an independent aircraft leasing company based in Amsterdam.
| Issuers: | AerCap Ireland Capital DAC/AerCap Global Aviation Trust
|
| Guarantor: | AerCap Holdings NV and certain subsidiaries
|
| Amount: | $1 billion
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| Description: | Guaranteed senior notes
|
| Maturity: | July 21, 2027
|
| Bookrunners: | Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Santander Investment Securities Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | Citizens Capital Markets, Inc., Fifth Third Securities, Inc., MUFG and Societe Generale
|
| Coupon: | 3.65%
|
| Price: | 99.494
|
| Yield: | 3.711%
|
| Spread: | Treasuries plus 140 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps; on or after April 21, 2027 at par
|
| Trade date: | July 17
|
| Settlement date: | July 21
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 145 bps area, plus or minus 5 bps
|
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