New Issue: Aircastle prices $300 million 9¾% eight-year senior notes to yield 10%

By Paul A. Harris

St. Louis, July 27 - Aircastle Ltd. priced a $300 million issue of 9¾% eight-year senior notes (Ba3/BB+/) at 98.645 to yield 10% on Tuesday, according to an informed source.

The yield printed at the tight end of the 10% to 10¼% price talk.

Citigroup Global Markets Inc. ran the books for the quick-to-market issue.

Co-managers were BNP Paribas Securities Corp., Credit Suisse, DVB Capital Markets and Credit Agricole CIB.

Proceeds will be used to repay debt and for general corporate purposes, including the purchase of aviation assets.

Aircastle is a Stamford, Conn.-based firm that leases and sells commercial jet aircraft to passenger and cargo airlines.

Issuer:	Aircastle Ltd.
Face amount:	$300 million
Proceeds:	$295,935,000
Maturity:	Aug. 1, 2018
Securities:	Senior notes
Bookrunner:	Citigroup Global Markets Inc.
Co-managers:	BNP Paribas Securities Corp., Credit Suisse, DVB Capital Markets, Credit Agricole CIB
Coupon:	9¾%
Price:	98.645
Yield:	10%
Call features:	Callable on Aug. 1, 2014 at 104.875, 102.438, par on and after Aug. 1, 2016
Equity clawback:	35% at 109.75 until Aug. 1, 2013
Change-of-control put:	101%
Trade date:	July 27
Settlement date:	July 30
Ratings:	Moody's: Ba3
	Standard & Poor's: BB+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	10% to 10¼%
Marketing:	Quick-to-market

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