New Issue: International Lease Finance sells upsized $750 million add-on to notes due 2015, 2017

By Paul A. Harris

St. Louis, March 30 - Less than two weeks after pricing $2 billion in two tranches of high-yield notes, International Lease Finance Corp. returned Tuesday to tap both deals in an upsized $750 million transaction.

ILFC priced a $250 million add-on to its 8 5/8% senior notes due Sept. 15, 2015 at 101 to yield 8.392%. The reoffer price came on top of price talk.

The Los Angeles-based leaser and remarketer of advanced aircraft technology also priced an upsized $500 million add-on to its 8¾% senior notes due March 15, 2017 at 100.75 to yield 8.604%.

The 8¾% notes tap, which was upsized from $250 million, also priced on top of price talk.

Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and UBS Securities LLC were the joint bookrunners for the quick-to-market add-on transaction.

Proceeds will be used for general corporate purposes, including debt repayment.

Issuer:	International Lease Finance Corp.
Amount:	$750 million, increased from $500 million
Bookrunners:	Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc., Citigroup Global Markets Inc., UBS Securities LLC
Co-managers:	ANZ Securities, Inc., HSBC Securities (USA) Inc., RBC Capital Markets Corp., RBS Securities Inc.
Call protection:	Non-callable
Trade date:	March 30
Settlement date:	April 6 with accrued interest
Existing ratings:	Moody's: B1
	Standard & Poor's: BB+
	Fitch: BB
Distribution:	Rule 144A with registration rights
Marketing:	Quick-to-market
Add-on to 8 5/8% senior notes due 2015
Face amount:	$250 million
Proceeds:	$252.5 million
Maturity:	Sept. 15, 2015
Securities:	Add-on to 8 5/8% senior notes
Coupon:	8 5/8%
Price:	101.00
Yield:	8.392%
Spread:	570 bps
Price talk:	101.00
Original issue:	$1 billion priced at 98.409 to yield 9% on March 17, 2010
Total issue size:	$1.25 billion
Add-on to 8¾% senior notes due 2017
Amount:	$500 million, increased from $250 million
Maturity:	March 15, 2017
Securities:	Add-on to 8¾% senior notes
Coupon:	8¾%
Price:	100.75
Yield:	8.604%
Spread:	528 bps
Price talk:	100.75
Original issue:	$1 billion priced at 97.474 to yield 9¼% on March 17, 2010
Total issue size:	$1.5 billion

© 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.