New Issue: AerCap sells $600 million 4.45% seven-year guaranteed notes at 162.5 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 14 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust sold $600 million of 4.45% seven-year guaranteed senior notes (Baa3/BBB-/BBB-) on Tuesday at a spread of 162.5 basis points over Treasuries, according to a market source.

The notes were initially talked to price in the Treasuries plus 175 bps to 180 bps area with guidance later tightened to the Treasuries plus 165 bps area, plus or minus 2.5 bps.

Credit Suisse Securities (USA) LLC, MUFG, RBC Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities LLC, Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Santander Investment Securities Inc. and SunTrust Robinson Humphrey Inc. were the bookrunners.

The notes are guaranteed by AerCap Holdings NV.

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
Amount:	$600 million
Maturity:	Oct. 1, 2025
Description:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, MUFG, RBC Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities LLC, Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Santander Investment Securities Inc. and SunTrust Robinson Humphrey Inc.
Co-managers:	Citizens Capital Markets, Fifth Third Securities Inc. and Societe Generale
Coupon:	4.45%
Spread:	Treasuries plus 162.5 bps
Trade date:	Aug. 14
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
Price guidance:	Treasuries plus 165 bps area, plus or minus 2.5 bps; initial price talk at Treasuries plus 175 bps to 180 bps area

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