AerCap receives $1.88 billion of early tenders for four note series

By Taylor Fox

New York, Oct. 7 – AerCap Holdings NV announced the early tender results of the offers by its wholly owned subsidiary AerCap Global Aviation Trust to purchase for cash four series of notes, subject to the maximum tender cap of $1.5 billion, according to a news release.

The withdrawal deadline and early tender deadline of 5 p.m. ET on Oct. 6 has now passed with $1,880,371,000 of the notes validly tendered and not withdrawn.

The notes offered, and the early tender amounts, by acceptance priority level are:

• $555,971,000 tendered of $1.1 billion outstanding 4.5% notes due 2021 (Cusip: 00772BAF8) at $1,020.76 per note, which was calculated using the 0.125% U.S. Treasury due Aug. 31, 2022 and a fixed spread of 90 basis points;

• $513.69 million tendered of $800 million outstanding 5% notes due 2021 (Cusip: 00772BAM3) at $1,034.09 per note, which was calculated using the 0.125% U.S. Treasury due Aug. 31, 2022 and a fixed spread of 135 bps;

• $398,913,000 tendered of $700 million outstanding 4.45% notes due 2021 (Cusip: 00774MAH8) at $1,027.92 per note, which was calculated using the 0.125% U.S. Treasury due Aug. 31, 2022 and a fixed spread of 175 bps; and

• $411,797,000 tendered of $1 billion outstanding 3.95% notes due 2022 (Cusip: 00772BAR2) at $1,020.76 per note, which was calculated using the 0.125% U.S. Treasury due Aug. 31, 2022 and a fixed spread of 240 bps.

The total consideration for each $1,000 of notes tendered will be determined at 10 a.m. ET on Oct. 7.

As previously reported, notes that are accepted in the offers will be purchased, retired and cancelled and will no longer remain outstanding.

The offers will expire at 11:59 p.m. ET on Oct. 21.

The early settlement date is expected for Oct. 8, with the final settlement date to occur Oct. 23.

Barclays Capital Inc. (800 438-3242, 212 528-7581), Deutsche Bank Securities Inc. (866 627-0391, 212 250-2955) and Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057) are lead dealer managers.

BofA Securities, Inc., HSBC Securities (USA) Inc., RBC Capital Markets, LLC and SG Americas Securities, LLC are co-dealer managers.

Global Bondholder Services Corp (212 430-3774, 866 807-2200; contact@gbsc-usa.com) is information agent and tender agent.

AerCap is an independent aircraft leasing company based in Amsterdam.

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