AerCap’s Delos reprices $600 million loan at SOFR plus 175 bps

Chicago, April 25 – Delos Aircraft DAC, an indirect wholly owned subsidiary of AerCap Holdings NV, repriced a $600 million term loan B due Oct. 31, 2027 (Baa1/BBB/BBB) on Thursday, according to a market source.

The final terms were unchanged from talk. The loan will now have interest based on SOFR plus 175 basis points, with a 0% floor. Pricing came at par.

The interest rate was repriced down from SOFR plus 200 bps.

Soft call protection at 101 will be in place for six months.

Financial covenants will include quarterly testing of a 75% maximum loan-to-value threshold, pool specifications and a maximum age term set to 9.5 years plus the amount of time from the original Sept. 29, 2023 closing date.

Deutsche Bank is the left arranger. Fifth Third is also a joint lead arranger.

The loan is expected to close on April 30.

The borrower is a Dublin-based aircraft leasing company.

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