Griffin Global sets talk for $1 billion of three-, five-year notes; pricing Wednesday

By Abigail W. Adams

Portland, Me., May 24 – GGAM Finance Ltd., an aircraft leasing company formed by Griffin Global Asset Management, set price talk and tranche sizes for its $1 billion offering of three-year and five-year senior bullet notes with books scheduled to close at 3 p.m. ET on Wednesday and pricing expected thereafter, according to a market source.

The deal includes a $600 million tranche of five-year notes with price talk for a yield of 7¾% to 8%.

The deal also includes a $400 million tranche of three-year notes with price talk for a yield of 7½% to 7¾%.

Early guidance for the five-year notes was in the high 7% to 8% area with the three-year notes guided as 25 basis points tighter.

BofA Securities Inc. will bill & deliver for the five-year notes.

Morgan Stanley & Co. LLC and BofA Securities will bill & deliver for the three-year notes.

Goldman Sachs & Co. LLC is joint lead bookrunner for both tranches.

Barclays, BMO Capital Markets Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, SMBC Nikko Securities America Inc. and SG Americas Securities LLC are joint bookrunners.

Proceeds will be used to repay a portion of the company’s warehouse facility and for general corporate purposes.

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