Published on 12/2/2013 in the Prospect News High Yield Daily.
New Issue: Aircastle prices upsized $400 million five-year bullets at par to yield 4 5/8%
By Paul A. Harris
Portland, Ore., Dec. 2 - Aircastle Ltd. launched and priced an upsized $400 million issue of non-callable five-year senior notes (Ba3/BB+) at par to yield 4 5/8% on Monday, according to a syndicate source.
The deal was upsized from $300 million. The yield printed at the tight end of yield talk in the 4¾% area.
Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets LLC were the joint bookrunners.
The company plans to use the proceeds for general corporate purposes, including the purchase of aviation assets.
Issuer: | Aircastle Ltd.
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Amount: | $400 million, increased from $300 million
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Maturity: | Dec. 15, 2018
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Securities: | Senior notes
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Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets LLC
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Coupon: | 4 5/8%
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Price: | Par
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Yield: | 4 5/8%
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Spread: | 321 bps
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Call protection: | Non-callable
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Make-whole: | Treasuries plus 50 bps
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Equity clawback: | 35% at 104.625 until Dec. 15, 2016
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Investor put: | 101% upon change of control
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Trade date: | Dec. 2
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Settlement date: | Dec. 5
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Ratings: | Moody's: Ba3
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| Standard & Poor's: BB+
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Distribution: | SEC registered
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Price talk: | 4¾% area
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Marketing: | Quick to market
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