Aircraft lessor Phoenix Aviation Capital and investment firm AIP Capital have closed an $550 million offering of 9.25% senior unsecured notes due 2030.
Proceeds from the issuance of the notes will be used to repay existing indebtedness and general corporate purposes.
The company said the issuance expands its capital base and increases its total available liquidity to around $760 million.
“We are grateful for the strong interest and support from our investors in the inaugural offering and look forward to our continued growth together,” said Patrick Schafer, managing director at BC Partners and board member of Phoenix.
RBC Capital Markets acted as left lead bookrunner on the transaction. RBC, Citigroup, Morgan Stanley, Natixis and BNP Paribas acted as joint active bookrunners. Oppenheimer & Co., BC Partners, Fifth Third Securities and HSBC acted as joint bookrunner.
Cadwalader, Wickersham & Taft served as issuer’s counsel to Phoenix. Cahill Gordon served as counsel to the initial purchasers.