By Paul A. Harris
Portland, Ore., Dec. 9 - Aircastle Ltd. priced a $150 million add-on to its 9¾% senior notes due Aug. 1, 2018 (Ba3/BB+/) at 102.769 on Friday, according to an informed source.
The yield to worst was 9%, and the yield to maturity was 9.179%.
The reoffer price and the yield to worst came on top of price talk.
Citigroup Global Markets Inc. was the bookrunner.
Proceeds will be used 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.
The original $300 million issue priced at 98.645 to yield 10% in July 2010.
| Issuer: | Aircastle Ltd.
|
| Face amount: | $150 million
|
| Proceeds: | $154.154 million
|
| Maturity: | Aug. 1, 2018
|
| Security description: | Add-on to 9¾% senior notes due Aug. 1, 2018
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 9¾%
|
| Price: | 102.769
|
| Yield to worst: | 9%
|
| Yield to maturity: | 9.179%
|
| 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: | Dec. 9
|
| Settlement date: | Dec. 14 with accrued interest
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 102.769 to yield 9%
|
| Marketing: | Quick to market
|
| Original issue: | $300 million issue priced at 98.645 to yield 10% in July 2010
|
| Total issue size: | $450 million
|
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