By Paul A. Harris
Portland, Ore., Jan. 14 - Aviation Capital Group Corp. priced $300 million of non-callable five-year senior notes (/BB+/BBB-) at par to yield 4 5/8% on Monday, according to a market source.
Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market issue, which was priced on the investment-grade desk.
Proceeds will be used for general corporate purposes, including the repayment of debt under the company's revolver.
The issuer is a Newport Beach, Calif.-based commercial jet aircraft leasing and asset management company.
| Issuer: | Aviation Capital Group Corp.
|
| Amount: | $300 million
|
| Maturity: | Jan. 31, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 386.5 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 22
|
| Ratings: | Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
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