GGAM Finance talks $400 million five-year senior notes to yield in 7 1/8% area; pricing Tuesday

By Abigail W. Adams

Portland, Me., March 26 – Griffin Global Asset Management subsidiary GGAM Finance Ltd. plans to price $400 million of five-year senior notes (BB-/BB) in a Tuesday drive-by with price talk for a yield in the 7 1/8% area, according to a market source.

Early guidance was for a yield in the 7¼% area.

Books close at 2 p.m. ET on Tuesday with pricing thereafter.

The notes are non-callable for two years.

Barclays is leading the Rule 144A and Regulation S for life offering.

PNC Capital Markets LLC, Citigroup Global Markets Inc., BMO Capital Markets Corp., BofA Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America Inc., SG Americas Securities LLC and Truist Securities Inc. are also bookrunners.

The notes carry an equity clawback of up to 40% and a poison put of 101.

Proceeds will be used for general corporate purposes, including the acquisition of aircraft or other assets and repayment of debt.

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

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