Published on 11/16/2017 in the Prospect News Investment Grade Daily.
New Issue: AerCap prices $800 million 3.5% guaranteed notes due 2025 at 135 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Nov. 16 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust sold $800 million of 3.5% guaranteed senior notes due Jan. 15, 2025 (Baa3/BBB-/BBB-) on Thursday at 99.44 to yield 3.59%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced on top of guidance at a spread of Treasuries plus 135 basis points.
The bookrunners were Barclays, Mizuho Securities USA Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC.
The notes are guaranteed by AerCap Holdings NV.
Proceeds will be used for general corporate purposes, including to acquire, finance or refinance aircraft assets and to repay debt.
AerCap is an independent aircraft leasing company based in Amsterdam.
| Issuers: | AerCap Ireland Capital DAC/AerCap Global Aviation Trust
|
| Guarantor: | AerCap Holdings NV
|
| Amount: | $800 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2025
|
| Bookrunners: | Barclays, Mizuho Securities USA Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-managers: | Citizens Capital Markets, Inc., Fifth Third Securities Inc., MUFG and Societe Generale CIB
|
| Coupon: | 3.5%
|
| Price: | 99.44
|
| Yield: | 3.59%
|
| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before Nov. 15, 2024; thereafter at par
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 21
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| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 135 bps area
|
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