Published on 9/18/2023 in the Prospect News Investment Grade Daily.
New Issue: AerCap prices $1.75 billion of guaranteed senior fixed-rate notes due 2027, 2030
By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust priced $1.75 billion of guaranteed senior notes (Baa2/BBB/BBB) in two tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $900 million of 6.1% senior notes due Jan. 15, 2027 at a spread of 150 basis points over Treasuries. These notes priced at 99.54 to yield 6.241%.
An $850 million tranche of 6.15% notes due Sept. 30, 2030 priced at 185 bps over Treasuries. These notes priced at 99.371 to yield 6.262%.
BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Santander US Capital Markets LLC were the active bookrunners. Citizens JMP Securities, LLC, KeyBanc Capital Markets Inc., Regions Securities LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC were passive bookrunners.
The notes are guaranteed by AerCap Holdings NV.
Proceeds will be used to acquire, invest in, finance or refinance aircraft assets, to repay debt and for other general corporate purposes.
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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| Amount: | $1.75 billion
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| Issue: | Senior notes
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| Bookrunners: | BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Santander US Capital Markets LLC (active) and Citizens JMP Securities, LLC, KeyBanc Capital Markets Inc., Regions Securities LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC (passive)
|
| Co-managers: | Fifth Third Securities Inc., KeyBanc Capital Markets Inc. and Scotia Capital (USA) Inc.
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Cravath, Swaine & Moore LLP (New York and U.S. law), McCann FitzGerald LLP (Irish law), NautaDutilh NV (Dutch law), Morris, Nichols, Arsht & Tunnell LLP (Delaware law) and Smith, Gambrell & Russell, LLP (California law)
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Change-of-control put: | At 101 upon certain triggering events
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| Trade date: | Sept. 18
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| Settlement date: | Sept. 25
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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|
|
| Notes due 2027
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| Amount: | $900 million
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| Maturity: | Jan. 15, 2027
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| Coupon: | 6.1%
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| Price: | 99.54
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| Yield: | 6.241%
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| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until Dec. 15, 2025, then a par call
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| Cusip: | 00774MBD6
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|
|
| Notes due 2030
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| Amount: | $850 million
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| Maturity: | Sept. 30, 2030
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| Coupon: | 6.15%
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| Price: | 99.371
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| Yield: | 6.262%
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| Spread: | Treasuries plus 185 bps
|
| Call: | Make-whole call at Treasuries plus 30 bps until July 30, 2030, then a par call
|
| Cusip: | 00774MBE4
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