DAE Funding details $1.9 billion two-part notes offering; pricing late July 17 week

By Paul A. Harris

Portland, Ore., July 17 – DAE Funding LLC detailed a $1.9 billion two-part offering of senior notes that was announced last week, according to market sources.

The deal includes a benchmark tranche of five-year notes, non-callable for two years, with initial guidance of 4¾% to 5%, and a benchmark tranche of seven-year notes, non-callable for three years, with initial guidance of 5 1/8% to 5 3/8%.

The roadshow was scheduled to get underway on Monday in New York. The deal travels to Boston on Wednesday.

The Rule 144A and Regulation S for life notes are expected to price late in the July 17 week.

Morgan Stanley & Co. is the bookrunner.

Proceeds will be used to fund Dubai Aerospace Enterprise’s acquisition of Dublin-based aircraft lessor AWAS from funds managed by Terra Firma Capital Partners and the Canadian Pension Plan Investment Board.

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