AerCap gives early results, ups cap on tender offer for three series

By Taylor Fox

New York, Dec. 14 – AerCap Holdings NV wholly owned subsidiary AerCap Global Aviation Trust announced the early results of its offer to purchase for cash three series of notes for up to a maximum price, according to a news release.

AerCap also increased the maximum aggregate purchase price to $740 million from $600 million.

As of the 5 p.m. ET Dec. 11 early tender deadline, $908,404,000 of the notes were validly tendered and not withdrawn.

Specifically, the following notes were tendered in the offers, listed by acceptance priority level:

• $484,425,000 of the $982,923,000 outstanding 3.95% senior notes due 2022 (Cusip: 00772BAR2) for a total consideration to be calculated using the 0.125% U.S. Treasury due Nov. 30, 2022 plus a fixed spread of 85 basis points;

• $279,292,000 of the $600 million outstanding 3.5% senior notes due 2022 (Cusip: 00774MAA3) for a total consideration to be calculated using the 0.125% U.S. Treasury due Nov. 30, 2022 plus a fixed spread of 90 bps; and

• $144,687,000 of the $500 million outstanding 4.625% senior notes due 2022 (Cusip: 00772BAP6) for a total consideration calculated using the 0.125% U.S. Treasury due Nov. 30, 2022 plus a fixed spread of 115 bps.

The total considerations include a $30 early tender premium for each $1,000 of notes tendered by the early tender deadline.

The considerations will be calculated at 10 a.m. ET Dec. 14.

The early settlement date is expected to be Dec. 15.

The offers will expire at 11:59 p.m. ET on Dec. 28.

The final settlement date is expected to be Dec. 30.

The purchase will be funded using cash on hand.

BofA Securities (980 387-3907; debt_advisory@bofa.com) and Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452) are lead dealer managers.

Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. are co-dealer managers.

Global Bondholder Services Corp. (212 430-3774, 866 807-2200; contact@gbsc-usa.com) is the information agent and tender agent.

AerCap is an independent aircraft leasing company based in Amsterdam.

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