Senate votes against increasing Ex-Im Bank’s cap
22nd March 2012
Anyone looking at the huge success of AerCap’s latest funding round would be forgiven for suggesting that the recovery from the pandemic crisis was well underway. The Dublin-based aircraft leasing company attracted orders from more than 400 investors well in excess of $75bn over the past two days for its long-term unsecured funding – more than three and half times oversubscribed.
AerCap offered a $21bn funding package comprised of: $1.75bn 1.15% senior notes due 2023, $3.25bn 1.65% senior notes due 2024, $1bn 1.75% senior notes due 2024, $3.75bn 2.45% senior notes due 2026, $3.75bn 3.00% senior notes due 2028, $4bn 3.30% senior notes due 2032, $1.5bn 3.40% senior notes due 2033, $1.5bn 3.85% senior notes due 2041 and $500 million floating rate senior notes due 2023.
The bonds were rated Baa3 / BBB / BBB- by Moody’s, S&P and Fitch, respectively. The 2032 notes represent the first senior unsecured 20 year bond issuance by an aircraft lessor.
The notes are fully and unconditionally guaranteed on a senior unsecured basis by AerCap Holdings. The net proceeds will be used to fund a portion of the cash consideration for the acquisition of GE Capital Aviation Services (GECAS) with any excess proceeds to be used for general corporate purposes.
Citi and Goldman Sachs are acting as joint global coordinators and are also joint bookrunners with: BoA, Barclays, Credit Agricole-CIB, Deutsche Bank, JPMorgan, Mizuho, Morgan Stanley, RBC, Santander, BNP Paribas, Credit Suisse, HSBC, TD, Truist, Wells Fargo, MUFG, Société Générale and Fifth Third.
Meanwhile, Fitch Ratings has also published the 'BBB-' rating on rating watch negative for AerCap Ireland Capital DAC's €3 billion Euro medium-term note program.