By Cristal Cody
Eureka Springs, Ark., Jan. 23 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust priced a $600 million issue of 3.5% long five-year guaranteed senior notes (Ba1/BBB-) at a spread of 170 basis points over Treasuries on Monday, according to a market source and a news release.
The deal was upsized from $500 million and priced tighter than guidance in the 180 bps area, plus or minus 5 bps.
The bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and BofA Merrill Lynch.
The notes are guaranteed by parent company AerCap Holdings NV.
The notes have a make-whole call and are then redeemable at par, according to a 424B3 filing with the Securities and Exchange Commission.
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 and AerCap Global Aviation Trust
|
| Guarantor: | AerCap Holdings NV
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | May 26, 2022
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call; par call
|
| Trade date: | Jan. 23
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 180 bps area, plus or minus 5 bps
|
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