By Paul A. Harris
Portland, Ore., Dec. 4 – Global Aircraft Leasing Co., Ltd. priced a $200 million add-on to its 6½% (cash)/7¼% (PIK) cash contingent senior PIK toggle notes due Sept. 15, 2024 (expected Ba2) at 100.5 to yield 6.37% in a quick-to-market Wednesday trade, according to an informed source.
The issue price came at the rich end of the 100 to 100.5 price talk.
Morgan Stanley & Co. LLC was the bookrunner.
Proceeds will be used to refinance certain debt of subsidiaries of the indirect parent company, HK Bohai, and for general corporate purposes.
Global Aircraft Leasing is a holding company which has a 70% ownership stake in Dublin-based aircraft leasing firm Avolon.
| Issuer: | Global Aircraft Leasing Co., Ltd.
|
| Amount: | $200 million
|
| Maturity: | Sept. 15, 2024
|
| Security description: | Add-on to 6½%/7¼% cash contingent senior PIK toggle notes due Sept. 15, 2024
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Cash coupon: | 6½%
|
| PIK coupon: | 7¼%
|
| Price: | 100.5
|
| Cash yield: | 6.37%
|
| Spread: | 475 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until Sept. 15, 2021 then callable at 103.25
|
| Equity clawback: | 40% at 106.5 until Sept. 15, 2021
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 9 with accrued interest
|
| Expected rating: | Moody's: Ba2
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100 to 100.5
|
| Marketing: | Quick-to-market
|
| Original issue: | $1.55 billion priced in July 2019
|
| Fungibility: | Rule 144A add-on notes are to become immediately fungible with original notes, Regulation S add-on notes are to become fungible following a 40-day cooling period
|
| Total issue size: | $1.75 billion
|
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