Published on 6/23/2020 in the Prospect News Investment Grade Daily.
New Issue: AerCap sells $1.25 billion 4.5% notes due 2023 at Treasuries plus 450 bps spread
By Cristal Cody
Tupelo, Miss., June 23 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust priced $1.25 billion of 4.5% guaranteed senior notes due Sept. 15, 2023 (Baa3/BBB/BBB-) on Tuesday at 99.365 to yield 4.718%, or Treasuries plus 450 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the 512.5 bps over Treasuries area.
Barclays, BofA Securities Inc., J.P. Morgan Securities LLC, Santander Investment Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. were the bookrunners.
The notes are guaranteed by AerCap Holdings NV.
Proceeds will be used for general corporate purposes, including to acquire, finance or refinance aircraft assets and to repay debt.
AerCap is an independent aircraft leasing company based in Amsterdam.
| Issuers: | AerCap Ireland Capital DAC/AerCap Global Aviation Trust
|
| Guarantor: | AerCap Holdings NV
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| Amount: | $1.25 billion
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| Description: | Senior notes
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| Maturity: | Sept. 15, 2023
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| Bookrunners: | Barclays, BofA Securities Inc., J.P. Morgan Securities LLC, Santander Investment Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | Fifth Third Securities Inc., Regions Securities LLC and Scotia Capital (USA) Inc.
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| Coupon: | 4.5%
|
| Price: | 99.365
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| Yield: | 4.718%
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| Spread: | Treasuries plus 450 bps
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| Call features: | Make-whole call at Treasuries plus 50 bps before Aug. 15, 2023; thereafter at par
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| Trade date: | June 23
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| Settlement date: | July 2
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 512.5 bps area
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