Published on 8/15/2018 in the Prospect News Investment Grade Daily.
New Issue: AerCap details $600 million 4.45% seven-year notes at 162.5 bps spread
By Devika Patel
Knoxville, Tenn., Aug. 15 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust offered further details about a $600 million sale of 4.45% seven-year guaranteed senior notes (Baa3/BBB-/BBB-) that priced on Tuesday at a spread of 162.5 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes were initially talked to price in the Treasuries plus 175 bps to 180 bps area with guidance later tightened to the Treasuries plus 165 bps area, plus or minus 2.5 bps. The notes priced at 99.885 to yield 4.468%.
Credit Suisse Securities (USA) LLC, MUFG, RBC Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities LLC, Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Santander Investment Securities Inc. 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
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| Guarantor: | AerCap Holdings NV
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| Amount: | $600 million
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| Maturity: | Oct. 1, 2025
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| Description: | Senior notes
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| Bookrunners: | Credit Suisse Securities (USA) LLC, MUFG, RBC Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities LLC, Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Santander Investment Securities Inc. and SunTrust Robinson Humphrey Inc.
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| Co-managers: | Citizens Capital Markets, Fifth Third Securities Inc. and SG Americas Securities LLC
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| Coupon: | 4.45%
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| Price: | 99.885
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| Yield: | 4.468%
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| Spread: | Treasuries plus 162.5 bps
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| Call: | Make-whole call at Treasuries plus 25 bps until Aug. 1, 2025, then a par call
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| Trade date: | Aug. 14
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| Settlement date: | Aug. 21
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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 165 bps area, plus or minus 2.5 bps; initial price talk at Treasuries plus 175 bps to 180 bps area
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