AerCap Holdings N.V. Announces Pricing of $500 Million Aggregate Principal Amount of Fixed-Rate Reset Junior Subordinated Notes
AerCap Holdings N.V. has announced the pricing of $500 million in Fixed-Rate Reset Junior Subordinated Notes due 2056, issued through its subsidiaries AerCap Ireland Capital and AerCap Global Aviation Trust. The Notes will carry an initial interest rate of 6.500% per annum, with resets every five years starting January 31, 2031, based on the five-year U.S. Treasury rate plus a 2.441% spread.
The proceeds will be used for general corporate purposes, potentially including the redemption of AerCap Global Aviation Trust's outstanding Fixed-to-Floating Rate Junior Subordinated Notes due 2045, with a possible redemption date of June 16, 2025. The offering is being managed by Mizuho, BofA Securities, MUFG and Truist Securities as joint book-running managers.
AerCap Holdings N.V. ha annunciato la determinazione del prezzo di 500 milioni di dollari in Note Subordinate Junior a Tasso Fisso Reset con scadenza nel 2056, emesse attraverso le sue filiali AerCap Ireland Capital e AerCap Global Aviation Trust. Le Note offriranno un tasso d'interesse iniziale del 6,500% annuo, con reset ogni cinque anni a partire dal 31 gennaio 2031, basato sul tasso dei Treasury statunitensi a cinque anni più uno spread del 2,441%.
Il ricavato sarà utilizzato per scopi aziendali generali, potenzialmente inclusa la rimborso delle Note Subordinate Junior a Tasso Fisso-Variabile di AerCap Global Aviation Trust con scadenza nel 2045, con una possibile data di rimborso del 16 giugno 2025. L'offerta è gestita da Mizuho, BofA Securities, MUFG e Truist Securities in qualità di co-manager principali.
AerCap Holdings N.V. ha anunciado el precio de 500 millones de dólares en Notas Subordinadas Junior a Tasa Fija Reset con vencimiento en 2056, emitidas a través de sus subsidiarias AerCap Ireland Capital y AerCap Global Aviation Trust. Las Notas tendrán una tasa de interés inicial del 6.500% anual, con ajustes cada cinco años a partir del 31 de enero de 2031, basado en la tasa del Tesoro de EE. UU. a cinco años más un diferencial del 2.441%.
Los ingresos se utilizarán para fines corporativos generales, incluyendo potencialmente el reembolso de las Notas Subordinadas Junior a Tasa Fija-Variable de AerCap Global Aviation Trust con vencimiento en 2045, con una posible fecha de reembolso del 16 de junio de 2025. La oferta está siendo gestionada por Mizuho, BofA Securities, MUFG y Truist Securities como co-gestores principales.
AerCap Holdings N.V.는 2056년 만기 고정금리 리셋 주니어 후순위 채권 5억 달러의 가격을 발표했습니다. 이 채권은 자회사인 AerCap Ireland Capital과 AerCap Global Aviation Trust를 통해 발행됩니다. 채권은 연 6.500%의 초기 이자율을 가지며, 2031년 1월 31일부터 시작하여 5년마다 리셋됩니다. 이자율은 5년 만기 미국 재무부 금리에 2.441%의 스프레드를 더한 것입니다.
수익금은 일반 회사 용도로 사용되며, AerCap Global Aviation Trust의 2045년 만기 고정-변동금리 주니어 후순위 채권의 상환을 포함할 수 있으며, 가능한 상환 날짜는 2025년 6월 16일입니다. 이번 공모는 Mizuho, BofA Securities, MUFG 및 Truist Securities가 공동 주관사로 관리하고 있습니다.
AerCap Holdings N.V. a annoncé le prix de 500 millions de dollars d'Obligations Subordonnées Junior à Taux Fixe Reset arrivant à échéance en 2056, émises par l'intermédiaire de ses filiales AerCap Ireland Capital et AerCap Global Aviation Trust. Les Obligations porteront un taux d'intérêt initial de 6,500% par an, avec des réinitialisations tous les cinq ans à partir du 31 janvier 2031, basé sur le taux des bons du Trésor américain à cinq ans plus un écart de 2,441%.
Les produits seront utilisés à des fins d'entreprise générales, y compris potentiellement le rachat des Obligations Subordonnées Junior à Taux Fixe-Variable d'AerCap Global Aviation Trust arrivant à échéance en 2045, avec une date de rachat possible le 16 juin 2025. L'offre est gérée par Mizuho, BofA Securities, MUFG et Truist Securities en tant que co-managers principaux.
AerCap Holdings N.V. hat die Preisgestaltung von 500 Millionen Dollar für festverzinsliche Reset Junior Nachrangige Anleihen mit Fälligkeit im Jahr 2056 bekannt gegeben, die über ihre Tochtergesellschaften AerCap Ireland Capital und AerCap Global Aviation Trust ausgegeben werden. Die Anleihen werden einen anfänglichen Zinssatz von 6,500% pro Jahr haben, mit Anpassungen alle fünf Jahre ab dem 31. Januar 2031, basierend auf dem fünfjährigen US-Staatsanleihen-Zins zuzüglich einer Spanne von 2,441%.
Die Erlöse werden für allgemeine Unternehmenszwecke verwendet, möglicherweise einschließlich der Rückzahlung der ausstehenden fest-zu-variable Junior Nachrangigen Anleihen von AerCap Global Aviation Trust mit Fälligkeit 2045, mit einem möglichen Rückzahlungstermin am 16. Juni 2025. Die Emission wird von Mizuho, BofA Securities, MUFG und Truist Securities als gemeinsame Hauptverwaltungsbanken geleitet.
- New $500 million debt offering enhances liquidity position
- Potential refinancing of 2045 Notes indicates proactive debt management
- Additional long-term debt increases company's leverage
- 6.500% interest rate represents significant interest expense
Insights
AerCap's
The transaction appears designed to refinance the company's existing 2045 Junior Subordinated Notes that become callable in June 2025. By potentially replacing these with the new 2056 notes, AerCap extends its maturity profile by 11 years, which aligns well with the long-lived nature of aircraft assets in its portfolio.
The subordinated position in the capital structure is noteworthy - these instruments sit below senior debt in repayment priority, typically commanding higher yields to compensate investors for increased risk. This structure preserves financial flexibility while allowing AerCap to maintain its broader debt obligations.
For an aircraft leasing business that generates returns on the spread between lease rates and borrowing costs, efficient debt management is crucial. The significant
This transaction represents routine but essential liability management that modestly enhances AerCap's debt profile without fundamentally altering its financial position or trajectory.
The Issuers intend to use the net proceeds from the Notes for general corporate purposes, which may include the redemption of all or a portion of AerCap Global Aviation Trust's outstanding Fixed-to-Floating Rate Junior Subordinated Notes due 2045 (the "2045 Junior Subordinated Notes") on June 16, 2025, which is the first redemption date in respect of such notes. The information contained in this press release does not constitute a notice of redemption for the 2045 Junior Subordinated Notes.
Mizuho, BofA Securities, MUFG and Truist Securities are serving as joint book-running managers for the underwritten public offering.
The Company has filed a registration statement (including a prospectus) on Form F-3 with the
These documents may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov. The prospectus supplement and accompanying prospectus relating to this offering may also be obtained from: Mizuho Securities
This press release shall not constitute an offer to sell or purchase or the solicitation of an offer to sell or purchase the Notes, the 2045 Junior Subordinated Notes or any other securities, nor shall there be any offer, solicitation, purchase or sale of these securities in any state or jurisdiction in which such offer, solicitation, purchase or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About AerCap
AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in
Forward-Looking Statements
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "will," "aim," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the continued impacts of the Ukraine Conflict, including the resulting sanctions by
As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap's annual report on Form 20-F and other filings with the SEC. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE AerCap Holdings N.V.