AerCap launches $600 million term loan B at SOFR plus 200 bps

By Sara Rosenberg

New York, Sept. 11 – AerCap (Delos Aircraft DAC) was scheduled to hold a lender call at 2 p.m. ET on Monday to launch a $600 million term loan B due Oct. 31, 2027 that is talked at SOFR plus 200 basis points with a 0% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Covenants include a maximum loan-to-value threshold of 75% that will be tested quarterly, and a maximum age of 9.5 years plus the amount of time elapsed from the closing date plus six months.

Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the bookrunners on the deal. Regions Bank, Citizens Bank and KeyBanc Capital Markets are co-managers.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used with cash from the balance sheet to refinance an existing term loan B.

Cashless roll is being offered.

AerCap is a Dublin-based aviation leasing company.

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