By Paul A. Harris
Portland, Ore., Nov. 27 - Aircastle Ltd. priced an upsized $500 million issue of non-callable seven-year senior notes (Ba3/BB+/) at par to yield 6¼% on Tuesday, according to a market source.
The yield printed on top of yield talk, which had tightened from earlier talk of 6¼% to 6½%.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. and RBC Capital Markets LLC were the joint bookrunners for the quick-to-market deal, which was upsized from $400 million.
Proceeds will be used for general corporate purposes, including the purchase of aviation assets. Proceeds from the $100 million upsizing will be used to put cash on the balance sheet and for general corporate purposes.
The Stamford, Conn.-based company leases and sells commercial jet aircraft to passenger and cargo airlines.
| Issuer: | Aircastle Ltd.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Dec. 1, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co., RBC Capital Markets LLC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 461 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Equity clawback: | 35% at 106.25 until June 1, 2013
|
| Trade date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¼%, tightened from 6¼% to 6½%
|
| Marketing: | Quick to market
|
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