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AAR talks $500 million five-year senior notes in 7% area; pricing Wednesday
By Abigail W. Adams
Portland, Me., Feb. 14 – AAR Corp. set price talk for its $500 million offering of AAR Escrow Issuer LLC five-year senior notes in the 7% area and accelerated timing with the notes now set to price on Wednesday, according to a market source.
Books close at 3:30 p.m. ET with pricing thereafter.
Early guidance for the notes was for a yield of 7% to 7¼%.
The notes are non-callable for two years.
Wells Fargo Securities LLC is lead left bookrunner for the Rule 144A and Regulation S offering.
BofA Securities Inc., CIBC World Markets Corp., PNC Capital Markets LLC and Truist Securities Inc. are also bookrunners.
Proceeds will be used to fund a portion of the company’s acquisition of the Triumph Group’s Product Support business.
AAR is a Wood Dale, Ill.-based private provider of aviation services.
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