By Paul A. Harris
Portland, Ore., July 26 – Global Aircraft Leasing Co., Ltd., a holding company which has a 70% ownership stake in Dublin-based aircraft leasing firm Avolon, priced an upsized $1.55 billion issue of five-year cash contingent senior PIK toggle notes (Ba2) at par to yield 6½% on Friday, according to a market source.
The issue size increased from $1.5 billion.
The yield printed at the wide end of the 6¼% to 6½% yield talk. Initial talk had been in the mid 6% area.
The coupon steps up by 75 basis points, to 7¼%, for PIK payments.
Morgan Stanley was the bookrunner.
Proceeds will be used to refinance debt and for general corporate purpose.
| Issuer: | Global Aircraft Leasing Co., Ltd.
|
| Amount: | $1.55 billion, increased from $1.5 billion
|
| Tenor: | Five years
|
| Securities: | Senior PIK toggle notes
|
| Bookrunner: | Morgan Stanley
|
| Cash coupon: | 6½%
|
| PIK coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call protection: | Two years
|
| Trade date: | July 26
|
| Rating: | Moody's: Ba2
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6¼% to 6½% cash pay
|
| Marketing: | Roadshow
|
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