By Paul A. Harris
St. Louis, March 17 - International Lease Finance Corp., the aircraft leasing unit of American International Group, priced $2 billion in a restructured two-part senior notes offering (B1/BB+/BB) on Wednesday, according to an informed source.
The company priced a $1 billion tranche of 8 5/8% 5.5-year notes at 98.409 to yield 9%. The yield printed on top of yield talk. The reoffer price came rich to the 2 to 3 points of discount talk.
The 5.5-year notes tranche came at the larger end of the $750 million to $1 billion amount at which the deal launched earlier on Wednesday.
ILFC also priced a $1 billion tranche of 8¾% seven-year notes at 97.474 to yield 9¼%. The yield on the seven-year notes came at the tight end of the 9 3/8% area price talk.
The seven-year notes tranche was launched at $500 million minimum and was priced at double that size.
Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse and UBS Investment Bank were the joint bookrunners.
Proceeds will be used for general corporate purposes, including repayment of existing debt.
The issuer is based in Century City, Calif.
| Issuer: | International Lease Finance Corp.
|
| Amount: | $2 billion
|
| Securities: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse, UBS Investment Bank
|
| Co-managers: | BNP Paribas Securities Corp., Daiwa Securities America Inc., Mizuho Securities USA Inc., Scotia Capital, SG Corporate & Investment Banking
|
| Trade date: | March 17
|
| Settlement date: | March 22
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB+
|
| Fitch: BB
|
| Distribution: | Rule 144A with registration rights/Regulation S
|
|
|
| 5.5-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 15, 2015
|
| Coupon: | 8 5/8%
|
| Price: | 98.409
|
| Yield: | 9%
|
| Spread: | 652 bps
|
| Call protection: | Non-callable
|
| Price talk: | 9% area with 2-3 points OID
|
|
|
| Seven-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2017
|
| Coupon: | 8¾%
|
| Price: | 97.474
|
| Yield: | 9¼%
|
| Spread: | 617 bps
|
| Call protection: | Non-callable
|
| Price talk: | 9 3/8% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
