Published on 1/24/2017 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: AerCap gives further details on $600 million 3.5% five-year notes sale
By Devika Patel
Knoxville, Tenn., Jan. 24 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust offered further details about a $600 million issue of 3.5% five-year guaranteed senior notes (Ba1/BBB-/BBB-), according to an FWP filed Tuesday with the Securities and Exchange Commission. The notes priced at a spread of 170 basis points over Treasuries on Monday.
The notes were priced at 99.676 to yield 3.568%.
The bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and Wells Fargo Securities LLC.
The notes are guaranteed by parent company AerCap Holdings NV.
The notes have a make-whole call at Treasuries plus 30 basis points until April 26, 2022 and are then callable at par.
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 and AerCap Global Aviation Trust
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| Guarantor: | AerCap Holdings NV
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| Amount: | $600 million
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| Description: | Senior notes
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| Maturity: | May 26, 2022
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and Wells Fargo Securities LLC
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| Co-managers: | BNP Paribas Securities Corp., Commonwealth Bank of Australia, Fifth Third Securities Inc. and SunTrust Robinson Humphrey Inc.
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| Coupon: | 3.5%
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| Price: | 99.676
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| Yield: | 3.568%
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| Spread: | Treasuries plus 170 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps until April 26, 2022, then a par call
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| Trade date: | Jan. 23
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| Settlement date: | Jan. 26
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 180 bps area, plus or minus 5 bps
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