Aercap mandates banks for US$2.6bn high-yield bond

Tue May 6, 2014 2:44pm EDT

NEW YORK, May 6 (IFR) - Aircraft leasing company Aercap Holdings has mandated banks for a US$2.6bn three-tranche senior unsecured high-yield bond, which will finance the acquisition of International Lease Finance Corp (ILFC), a subsidiary of American International Corp.

UBS and Citi are joint physical bookrunners on the deal, which comprises three, five and seven-year bullet tranches.

The bond is expected to price later this week following investor meetings to be held in New York on Wednesday, and Boston on Thursday. An investor call will also be held on Wednesday.

Barclays, Bank of America Merrill Lynch, Credit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, RBC and RBS are joint bookrunners.

The proposed debt would be issued by AerCap Ireland Capital Limited (Irish Issuer) and AerCap Global Aviation Trust (Delaware Issuer), both wholly owned subsidiaries of AerCap, and will benefit from a full and unconditional, joint and several guaranty of the parent company and various other subsidiaries, according to Fitch. (Reporting by Natalie Harrison, IFR Markets; Editing by Paul Kilby)

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