Ryanair priced a $194.3 million Ex-Im Bank prefunded guaranteed bond last week.
The transaction was over 3x oversubscribed.
The bond priced at a spread of mid-swaps + 65 bps (12.11 year final / 6.44 year WAL) for a coupon of 1.741% - the lowest spread for an Ex-Im bond YTD.
The use of proceeds will be to finance seven new Boeing 737-8 aircraft scheduled for delivery from September through December.
Issuer: Portmarnock Leasing LLC
Security Description: Secured Notes guaranteed by Export-Import Bank of the United States, an agency of the United States of America
Guarantee: Payment of 100% of all regularly scheduled instalments of principal of, and interest on, the Notes will be guaranteed by the Export-Import Bank of the United States (''Ex-Im Bank''),
Bookrunners: BNP Paribas and Citi
B&D: Citi
Size: $194.317mm
Maturity: 12.11 years
WAL: 6.44 years
Spread: 65 bps
Coupon: 1.741%
Settle: 9/12/12 (T+5)
Collateral: Seven (7) Boeing 737-8AS aircraft (scheduled for delivery through December)