Griffin Global to price $400 million notes due February 2027 on Thursday; initial talk 8¼%-8½%

By Paul A. Harris

Portland, Ore., Nov. 14 – GGM Finance Ltd., a subsidiary of Griffin Global Asset Management Holdings, Ltd., plans to price a $400 million offering of senior bullet notes due February 2027 on Thursday, according to market sources.

The deal, which was scheduled to officially kick off on a Tuesday conference call with investors, is in the market with initial guidance of 8¼% to 8½%, according to a trader, who added that the offering is playing to $250 million of reverse inquiry.

The Rule 144A and Regulation S for life notes feature a par call six months prior to maturity but are otherwise non-callable.

Goldman Sachs is the left bookrunner. Mizuho, Barclays, BofA, Citigroup, Morgan Stanley, MUFG, PNC, SMBC, SG and BMO are the joint bookrunners.

Proceeds will be used to finance the acquisition of new aircraft deliveries, in particular pipeline aircraft. If the delivery date of any of the pipeline aircraft changes, or if the issuer determines that the proceeds would be more efficiently allocated to other aircraft-finance related purposes, proceeds would be used to refinance aircraft currently owned by the warehouse subsidiaries and financed under the warehouse facility. Any remaining proceeds will be used for general corporate purposes.

Griffin Global is a commercial aircraft leasing and alternative asset management business with offices in Dublin, Ireland, Puerto Rico and Los Angeles.

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