By Cristal Cody
Tupelo, Miss., Sept. 23 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust priced $1.5 billion of guaranteed senior notes (Baa3/BBB-/BBB-) in two tranches on Wednesday, according to a market source.
The company sold $900 million of 3.15% senior notes due Feb. 15, 2024 at a spread of 320 basis points over Treasuries.
Initial price talk was at the 250 bps spread area.
A $600 million tranche of 4.625% notes due Oct 1, 2027 priced at 445 bps over Treasuries.
The notes were talked to print in the 465 bps over Treasuries area.
BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and RBC Capital Markets, LLC were the bookrunners.
The notes are guaranteed by AerCap Holdings NV.
AerCap will use proceeds to fund cash tender offers to purchase its 4.5% notes due 2021, 5% notes due 2021, 4.45% notes due 2021 and 3.95%notes due 2022 for an aggregate purchase price of $500 million.
The aircraft leasing company is based in Dublin.
| Issuers: | AerCap Ireland Capital DAC and AerCap Global Aviation Trust
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| Guarantor: | AerCap Holdings NV
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| Amount: | $1.5 billion
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| Description: | Senior notes
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| Bookrunners: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and RBC Capital Markets, LLC
|
| Trade date: | Sept. 23
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
|
|
|
| Notes due 2024
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| Amount: | $900 million
|
| Maturity: | Feb. 15, 2024
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| Coupon: | 3.15%
|
| Spread: | Treasuries plus 320 bps
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| Price guidance: | Treasuries plus 250 bps area
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|
|
| Notes due 2027
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| Amount: | $600 million
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| Maturity: | Oct. 1, 2027
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| Coupon: | 4.625%
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| Spread: | Treasuries plus 445 bps
|
| Price guidance: | Treasuries plus 465 bps area
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