Published on 1/6/2021 in the Prospect News Investment Grade Daily.
New Issue: AerCap prices $1 billion 1.75% five-year guaranteed notes at 99.876
By Wendy Van Sickle
Columbus, Ohio, Jan. 6 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust priced $1 billion of 1.75% five-year guaranteed senior notes (Baa3/BBB/BBB-) at 99.876 to yield 1.985% on Wednesday, according to an FWP filing with the Securities and Exchange Commission,
The notes will have a make-whole call at Treasuries plus 25 basis points until Dec. 30, 2025 and a par call thereafter.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, SG Americas Securities LLC, TD Securities (USA) LLC, Truist Securities Inc., Barclays, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Santander Investment Securities Inc. and Wells Fargo Securities, LLC were the bookrunners.
The notes are guaranteed by AerCap Holdings NV.
AerCap will use proceeds for general corporate purposes, including to acquire, finance or refinance aircraft assets and to repay debt.
The aircraft leasing company is based in Dublin.
| Issuers: | AerCap Ireland Capital DAC and AerCap Global Aviation Trust
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| Guarantor: | AerCap Holdings NV
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| Description: | Senior notes
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| Amount: | $1 billion
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| Maturity: | Jan. 30, 2026
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| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, SG Americas Securities LLC, TD Securities (USA) LLC, Truist Securities Inc., Barclays, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Santander Investment Securities Inc. and Wells Fargo Securities, LLC
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| Co-managers: | Citizens Capital Markets, Inc., Fifth Third Securities, Inc., Regions Securities LLC and Scotia Capital (USA) Inc.
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| Coupon: | 1.75%
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| Price: | 99.876
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| Yield: | 1.985%
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| Spread: | Treasuries plus 155 bps
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| Call: | Make-whole call at Treasuries plus 25 bps until Dec. 30, 2025, par call thereafter
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| Trade date: | Jan. 6
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| Settlement date: | Jan. 13
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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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