AerCap modifies $600 million term loan B OID talk to 99.75-par

By Sara Rosenberg

New York, Sept. 13 – AerCap (Delos Aircraft DAC) revised original issue discount talk on its $600 million term loan B due Oct. 31, 2027 (Baa1/BBB/BBB) to a range of 99.75 to par from 99.5, according to a market source.

Pricing on the term loan remained at SOFR plus 200 basis points with a 0% floor.

The term loan still has 101 soft call protection for six months.

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 continued to be due at 5 p.m. ET on Wednesday, the source added.

Pricing is expected on Thursday.

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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