Published on 5/30/2023 in the Prospect News Investment Grade Daily.
New Issue: AerCap units price $1 billion 5.75% notes due 2028 to yield 5.977%
By Wendy Van Sickle
Columbus, Ohio, May 30 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust priced $1 billion of 5.75% senior notes due 2028 (Baa2/BBB/BBB) at 99.031 to yield 5.977% on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes are guaranteed by AerCap Holdings NV.
The bookrunners are Barclays, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, Wells Fargo Securities, LLC, HSBC Securities (USA) Inc., MUFG Securities Americas Inc., Truist Securities, Inc., SG Americas Securities, LLC and Fifth Third Securities, Inc.
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 Dublin.
| Issuers: | AerCap Ireland Capital DAC and AerCap Global Aviation Trust
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| Guarantor: | AerCap Holdings NV
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| Amount: | $1 billion
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| Issue: | Senior notes
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| Maturity: | June 6, 2028
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| Bookrunners: | Barclays, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, Wells Fargo Securities, LLC, HSBC Securities (USA) Inc., MUFG Securities Americas Inc., Truist Securities, Inc., SG Americas Securities, LLC and Fifth Third Securities, Inc.
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| Co-manager: | Academy Securities, Inc.
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| Trustee: | Bank of New York Mellon NA
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| Counsel to issuer: | Cravath, Swaine & Moore LLP (New York and U.S. law), McCann FitzGerald LLP (Irish law), NautaDutilh NV (Dutch law), Morris, Nichols, Arsht & Tunnell LLP (Delaware law) and Smith, Gambrell & Russell, LLP (California law)
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 5.75%
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| Price: | 99.031
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| Yield: | 5.977%
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| Spread: | 217 bps over Treasuries
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| Call features: | Make-whole call with Treasuries plus 35 bps discount rate and accrued interest, then a par call on May 6, 2028
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| Change of control: | Yes, at 101%
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| Pricing date: | May 30
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| Settlement date: | June 6
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 00774MBC8
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