By Paul A. Harris
Portland, Ore., Jan. 12 – Aircastle Ltd. priced an upsized $500 million issue of non-callable seven-year senior notes (Ba2/BB+/) at par to yield 5½% on Monday, according to a market source.
The quick-to-market deal was upsized from $400 million.
The yield printed at the tight end of the 5½% to 5 5/8% yield talk.
J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., MUFG and RBC Capital Markets were the joint bookrunners.
The Stamford, Conn.-based company plans to use the proceeds for general corporate purposes, including possible debt repayment.
Aircastle acquires, leases and sells commercial jet aircraft to airlines.
| Issuer: | Aircastle Ltd.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Feb. 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB; Deutsche Bank Securities Inc., Goldman Sachs & Co., MUFG, RBC Capital Markets
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 381 bps
|
| Call protection: | Non-callable
|
| Trade date: | Jan. 12
|
| Settlement date: | Jan. 15
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 5½% to 5 5/8%
|
| Marketing: | Quick to market
|
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