By Cristal Cody
Tupelo, Miss., June 3 – AerCap Ireland Capital DAC and AerCap Global Aviation Trust priced $1.25 billion of 6.5% guaranteed senior notes due July 15, 2025 (Baa3/BBB/BBB-) at 98.923 to yield 6.75% on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was at 8.25%.
The notes priced at a spread of 637.3 basis points over Treasuries.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, MUFG, SG Americas Securities, LLC and TD Securities (USA) LLC 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.
Application will be made to list the notes on the Euronext Dublin exchange.
AerCap is an independent aircraft leasing company based in Amsterdam.
| Issuers: | AerCap Ireland Capital DAC/AerCap Global Aviation Trust
|
| Guarantor: | AerCap Holdings NV
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Maturity: | July 15, 2025
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, MUFG, SG Americas Securities, LLC and TD Securities (USA) LLC
|
| Co-managers: | Citizens Capital Markets Inc., Fifth Third Securities Inc. and Scotia Capital (USA) Inc.
|
| Coupon: | 6.5%
|
| Price: | 98.923
|
| Yield: | 6.75%
|
| Spread: | Treasuries plus 637.3 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps before June 15, 2025; thereafter at par
|
| Trade date: | June 3
|
| Settlement date: | June 8
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | 8.25%
|
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