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AerCap sells upsized $21 billion senior notes in nine parts
Chicago, Oct. 21 AerCap Ireland Capital DAC and AerCap Global Aviation Trust sold an upsized offering of $21 billion of senior notes in nine parts (Baa3/BBB/BBB-), according to a press release.
A source had noted that the deal was being marketed at $20 billion on Thursday morning.
The company priced:
$1.75 billion of 1.15% senior notes due 2023;
$3.25 billion of 1.65% senior notes due 2024;
$1 billion of 1.75% senior notes due 2024;
$3.75 billion of 2.45% senior notes due 2026;
$3.75 billion of 3% senior notes due 2028;
$4 billion of 3.3% senior notes due 2032;
$1.5 billion of 3.4% senior notes due 2033;
$1.5 billion of 3.85% senior notes due 2041; and
$0.5 billion of floating-rate senior notes due 2023.
The company outlined some of the terms for the dollar notes, which was expected to have six tranches, in a 424B3 filing with the Securities and Exchange Commission on Tuesday.
As reported Tuesday, the notes will be guaranteed by AerCap Holdings NV.
Preparations for the offering included investor calls on Wednesday, arranged by joint global coordinators Citigroup and Goldman Sachs.
Proceeds will be used to fund a portion of the $24 billion cash consideration to be paid in the GE Aviation acquisition, with any excess proceeds to be used for general corporate purposes.
AerCap is acquiring the part of the Gecas business that includes GE Aviations 50% joint venture ownership in Shannon Engine Support Ltd. AerCap entered into a $19 billion bridge credit agreement and a $5 billion term loan credit agreement in relation to the transaction.
AerCap is an independent aircraft leasing company based in Dublin.
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