By Cristal Cody
Tupelo, Miss., Nov. 28 – Aviation Capital Group LLC sold $800 million of senior notes (A-/BBB+) in two tranches on Wednesday, according to a market source.
The company priced $500 million of floating-rate notes due June 1, 2021 at Libor plus 95 basis points.
The floaters were talked to price in the Libor plus 95 bps to 100 bps area, tighter than initial price talk in the Libor plus 105 bps area.
A $300 million tranche of 4.375% note due Jan. 30, 2024 priced on top of guidance at a Treasuries plus 175 bps spread. Initial price talk was in the Treasuries plus 175 bps to 180 bps area.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay debt.
Aviation Capital Group, a privately held subsidiary of Pacific Life Insurance Co., is a global aircraft leasing company based in Newport Beach, Calif.
| Issuer: | Aviation Capital Group LLC
|
| Amount: | $800 million
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Wells Fargo Securities LLC
|
| Trade date: | Nov. 28
|
| Ratings: | S&P: A-
|
| Fitch: BBB+
|
|
|
| Floaters due 2021
|
| Amount: | $500 million
|
| Description: | Floating-rate senior notes
|
| Maturity: | June 1, 2021
|
| Coupon: | Libor plus 95 bps
|
| Price guidance: | Libor plus 95 bps-100 bps area; initial price talk at Libor plus 105 bps area
|
|
|
| Notes due 2024
|
| Amount: | $300 million
|
| Description: | Fixed-rate senior notes
|
| Maturity: | Jan. 30, 2024
|
| Coupon: | 4.375%
|
| Spread: | Treasuries plus 175 bps
|
| Price guidance: | Treasuries plus 175 bps; initial price talk at Treasuries plus 175 bps-180 bps area
|
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