Aircastle whispers $500 million notes due May 2024 to yield 4¼%-4½%; pricing Monday

By Paul A. Harris

Portland, Ore., March 6 – Aircastle Ltd. plans to price a $500 million offering of senior notes due May 2024 (expected ratings Ba1/BB+) on Monday trailing a mid-morning conference call with investors, according to market sources.

Initial guidance has the deal coming with a yield of 4¼% to 4½%, a trader said.

Citigroup Global Markets Inc. is the left bookrunner for the public offering. BNP Paribas Securities Corp., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG and RBC Capital Markets are the joint bookrunners.

The notes feature a par call 90 days prior to maturity but are otherwise non-callable. They also feature a three-year 40% equity clawback and a 101% poison put.

The Stamford, Conn.-based commercial jet aircraft lessor plans to use the proceeds for general corporate purposes, including debt redemption.

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