AerCap has been active this past month, cleaning house with a secondary offering of the remaining GE Capital shares, as well as closing a new term loan for its Delos Aircraft subsidiary and placing a new jumbo bond offering into the market this week.
AerCap Ireland Capital Designated Activity Company (AICDAC) and AerCap Global Aviation Trust, a wholly-owned subsidiary of AerCap, have priced an offering of senior notes, consisting of $900 million 6.100% senior notes due 2027 - issued at a price to the public of 99.540% - and $850 million 6.150% senior notes due 2030, issued at a price to the public of 99.371%.
The notes are rated Baa2 by Moody's and BBB by S&P and Fitch. The spread to US Treasuries for the four year notes is +150 basis point (bps), and +185bps for the seven-year paper.
The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the company and certain other subsidiaries.
Net proceeds will be used for general corporate purposes, including to acquire, invest in, finance or refinance aircraft assets and to repay indebtedness.
Joint active bookrunners are: BNP Paribas, BofA Securities, JPMorgan, Mizuho and Santande