By Devika Patel
Knoxville, Tenn., Jan. 10 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust incorrectly reported the par call date for one series of notes when they priced $1.1 billion of guaranteed senior notes (Baa3/BBB-/BBB-) in two parts on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The companies sold $700 million of 4.45% three-year notes at 99.876 to yield 4.497%, or a spread of 195 basis points over Treasuries.
These notes are callable with a make-whole call at Treasuries plus 30 bps until Nov. 16, 2021, not Nov. 16, 2020 as originally announced, and are callable at par after that date.
A $400 million tranche of 4.875% five-year notes came at 99.833 to yield 4.913%. The notes priced with a Treasuries plus 235 bps spread.
A tranche of floating-rate notes was dropped from the final sale.
The bookrunners were Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Santander Investment Securities Inc., BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC.
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
|
| Amount: | $1.1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Santander Investment Securities Inc., BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-managers: | Citizens Capital Markets Inc., Fifth Third Securities Inc., Scotia Capital (USA) Inc. and SG Americas Securities LLC
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 16
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $700 million
|
| Maturity: | Dec. 16, 2021
|
| Coupon: | 4.45%
|
| Price: | 99.876
|
| Yield: | 4.497%
|
| Spread: | Treasuries plus 195 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps until Nov. 16, 2021; thereafter at par
|
|
|
| Five-year notes
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| Amount: | $400 million
|
| Maturity: | Jan. 16, 2024
|
| Coupon: | 4.875%
|
| Price: | 99.833
|
| Yield: | 4.913%
|
| Spread: | Treasuries plus 235 bps
|
| Call features: | Make-whole call at Treasuries plus 35 bps before Dec. 16, 2023; thereafter at par
|
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