Published on 6/22/2015 in the Prospect News High Yield Daily.
New Issue: AerCap upsizes to $1 billion, prices notes in two bullet tranches
By Paul A. Harris
Portland, Ore., June 22 – Amsterdam-based AerCap Holdings NV priced an upsized $1 billion amount of non-callable senior notes (Ba2/BB+/BB+) in a quick-to-market transaction on Monday, according to a market source.
A $500 million tranche of five-year notes priced at par to yield 4¼%, at the tight end of yield talk in the 4 3/8% area; early guidance was 4 3/8%.
A $500 million tranche of seven-year notes priced at par to yield 4 5/8%, at the tight end of yield talk in the 4¾% area; early guidance was in the 4 7/8% area.
The deal was upsized from $800 million.
Joint physical bookrunner Deutsche Bank Securities Inc. will bill and deliver. Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were also joint physical bookrunners.
Barclays, BofA Merrill Lynch, Citigroup Global Markets, Credit Agricole CIB, J.P. Morgan Securities LLC, Mizuho Securities, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities LLC were passive bookrunners.
The aircraft leasing company plans to use the proceeds for general corporate purposes.
| Issuers: | AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust
|
| Amount: | $1 billion, increased from $800 million
|
| Securities: | Senior notes
|
| Physical bookrunners: | Deutsche Bank Securities Inc. (bill and deliver), Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
|
| Passive bookrunners: | Barclays, BofA Merrill Lynch, Citigroup Global Markets, Credit Agricole CIB, J.P. Morgan Securities LLC, Mizuho Securities, Morgan Stanley & Co., RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., Fifth Third Bank, HSBC Bank, SunTrust Robinson Humphrey Inc.
|
| Call protection: | Non-callable
|
| Trade date: | June 22
|
| Settlement date: | June 25
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | July 1, 2020
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Price talk: | 4 3/8% area
|
|
|
| Seven-year notes
|
| Amount: | $500 million
|
| Maturity: | July 1, 2022
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Price talk: | 4¾% area
|
| Price talk: 4 ¾% area
|
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