Griffin Global Asset Management has successfully closed an offering of $400 million senior unsecured notes due 2030, with a 5.875% coupon on September 24, 2024. The notes were priced at par.
The bond was priced at treasuries plus 241 basis points (bps).
The notes will be guaranteed by Griffin Global Asset Management Holdings and some of its subsidiaries. Proceedings from the issuance will be used for general corporate purposes, which may include financing the acquisition of new aircraft deliveries and future repayment of outstanding indebtedness.
"This issuance reaffirms our unwavering commitment to the unsecured capital markets and brings our total volume of unsecured notes issued to $2.5 billion in under 18 months," said Griffin CFO John Beekman. "With the issuance of these notes we also disclosed that our secured warehouse was previously reduced to zero, which means inclusive of this issuance we currently have a fully unsecured balance sheet."
Joint lead bookrunners were Citigroup Global Markets, SMBC Nikko Securities America, and SG America Securities.
Joint bookrunners were Barclays Capital, BMO Capital Markets, BofA Securities, Goldman Sachs, Mizuho Securities USA, Morgan Stanley, MUFG Securities Americas, PNC Capital Markets, and Truist Securities.
Hughes Hubbard & Reed (HHR) acted for Griffin and Milbank acted for the banks.
