AerCap firms $600 million term loan B issue price at par

By Sara Rosenberg

New York, Sept. 14 – AerCap (Delos Aircraft DAC) finalized the issue price on its $600 million term loan B due Oct. 31, 2027 (Baa1/BBB/BBB) at par, the tight end of revised talk of 99.75 to par and tighter than initial talk of 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.

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

Cashless roll is being offered.

Closing is expected on Monday.

AerCap is a Dublin-based aviation leasing company.

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