Castlelake Aviation firms $1.16 billion term loan at par issue price

By Sara Rosenberg

New York, Dec. 15 – Castlelake Aviation set the issue price on its $1,156,399,537 senior secured first-lien term loan B (Ba3/BB) due Oct. 22, 2026 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR plus 250 basis points with a 0% floor.

The term loan still has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.

Financial covenants include a 70% maximum loan to value, a maximum average age and collateral concentration limits.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., BNP Paribas Securities Corp., MUFG, Fifth Third, Goldman Sachs Bank USA, RBC Capital Markets and Natixis are bookrunners on the deal. Societe General is a co-manager. Citigroup is the agent.

Proceeds will be used to reprice an existing term loan due 2026 down from SOFR plus 275 bps.

Closing is expected during the week of Dec. 18.

Castlelake Aviation is a Dublin, Ireland-based provider of aircraft financing, leasing and servicing solutions.

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