Published on 3/21/2016 in the Prospect News High Yield Daily.
New Issue: Aircastle prices upsized $500 million 5% seven-year notes at par
By Paul A. Harris
Portland, Ore., March 21 – Aircastle Ltd. priced an upsized $500 million issue of non-callable seven-year senior notes (Ba1/BB+) at par to yield 5% on Monday, according to a market source.
The issue size was increased from $400 million.
The yield printed at the tight end of yield talk in the 5 1/8% area.
Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG and RBC Capital Markets LLC were the joint bookrunners.
The Stamford, Conn.-based company plans to use the proceeds for general corporate purposes, which may include the acquisition of aircraft or debt refinancing.
Issuer: | Aircastle Ltd.
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Amount: | $500 million, increased from $400 million
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Maturity: | April 1, 2023
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Securities: | Senior notes
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Bookrunners: | Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG, RBC Capital Markets LLC
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Coupon: | 5%
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Price: | Par
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Yield: | 5%
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Spread: | 330 bps
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Call protection: | Non-callable
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Make-whole: | Treasuries plus 50 bps
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Trade date: | March 21
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Settlement date: | March 24
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Ratings: | Moody's: Ba1
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| Standard & Poor’s: BB+
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Distribution: | SEC registered
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Price talk: | 5 1/8% area
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Marketing: | Quick to market
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