By Paul A. Harris
Portland, Ore., May 8 - AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust priced a $2.6 billion three-part offering of non-callable senior notes (Ba2/BB+/BB+) on Thursday, according to a syndicate source.
The deal included a $400 million tranche of three-year notes that priced at par to yield 2¾%, at the tight end of the 2¾% to 3% yield talk.
In addition AerCap priced a $1.1 billion tranche of five-year notes at par to yield 3¾%, at the tight end of the 3¾% to 4% yield talk.
The longest duration bond came in a $1.1 billion tranche of seven-year notes, which priced at par to yield 4½%, at the tight end of the 4½% to 4¾% yield talk.
Joint physical bookrunner UBS Securities LLC will bill and deliver. Citigroup Global Markets Inc. was also a joint physical bookrunner.
The issuers are subsidiaries of Amsterdam-based aircraft leasing company AerCap Holdings NV. Proceeds will be used to help fund the acquisition of 100% of the common stock of International Lease Finance Corp. from American International Group Inc.
| Issuers: | AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust
|
| Amount: | $2.6 billion
|
| Securities: | Senior notes
|
| Lead left bookrunner: | UBS Securities LLC
|
| Joint physical bookrunners: | UBS Securities LLC, Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays, BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and RBS Securities Inc.
|
| Co-managers: | Guggenheim Securities LLC and KKR Capital Markets LLC
|
| Call protection: | Non-callable
|
| Trade date: | May 8
|
| Settlement date: | May 14
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
|
|
| Three-year notes
|
| Amount: | $400 million
|
| Maturity: | May 15, 2017
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Spread: | 188 bps
|
| Price talk: | 2¾% to 3%
|
|
|
| Five-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | May 15, 2019
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 212.7 bps
|
| Price talk: | 3¾% to 4%
|
|
|
| Seven-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | May 15, 2021
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 234.9 bps
|
| Price talk: | 4½% to 4¾%
|
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