New Issue: Aircastle upsizes to $500 million, prices seven-year bullet at par to yield 5 1/8%

By Paul A. Harris

Portland, Ore., March 12 - Aircastle Ltd. priced an upsized $500 million issue of non-callable seven-year senior notes (Ba3/BB+) at par to yield 5 1/8% on Wednesday, according to a market source.

The deal was upsized from $400 million.

The yield printed at the wide end of the 5% to 5 1/8% yield talk.

Goldman Sachs & Co., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc. and RBC Capital Markets LLC were the joint bookrunners.

The Stamford, Conn.-based company, which acquires, leases and sells commercial jet aircraft, plans to use the proceeds to fund the redemption of its 9 ¾% senior notes due 2018, and for general corporate purposes.

Issuer:	Aircastle Ltd.
Amount:	$500 million, increased from $400 million
Maturity:	March 15, 2021
Securities:	Senior notes
Bookrunners:	Goldman Sachs & Co., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc. and RBC Capital Markets LLC
Co-manger:	Cowen & Co.
Coupon:	5 1/8%
Price:	Par
Yield:	5 1/8%
Spread:	291 bps
Call protection:	Non-callable
Trade date:	March 12
Settlement date:	Expected March 26
Ratings:	Moody's: Ba3
	Standard & Poor's: BB+
Distribution:	SEC registered
Price talk:	5% to 5 1/8%
Marketing:	Quick to market

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