By Abigail W. Adams
Portland, Me., March 26 – Griffin Global Asset Management subsidiary GGAM Finance Ltd. priced $400 million of five-year senior notes (BB-/BB) at par to yield 6 7/8% in a Tuesday drive-by, according to a market source.
Pricing came tighter than talk for a yield in the 7 1/8% area. Early guidance was for a yield in the 7¼% area.
The notes are non-callable for two years.
Barclays led 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. were 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.
| Issuer: | GGAM Finance Ltd.
|
| Amount: | $400 million
|
| Issue: | Senior notes
|
| Maturity: | April 15, 2029
|
| Left bookrunner: | Barclays
|
| Joint bookrunners: | 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.
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 262 bps
|
| First call: | April 15, 2026
|
| Trade date: | March 26
|
| Settlement date: | April 2
|
| Ratings: | S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7 1/8% area
|
| Marketing: | Drive-by
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
