Commentary & Deal Flow

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (AER) exp Baa1/BBB+/BBB+ (s/s/s) US$ 1.75bn SEC registered 2-part sr notes (3y FXD due 2/28/29 and 7y FXD due 1/15/33). MWC then 1mo par call on 3y (1/28/29) and 2mos on 7y (11/15/32). CoC at 101. CACIB/GS/JPM (B&D on 7y)/RBC/WFS (B&D on 3y) joint active books. Passive: Barc/BofA/Citi/TD/TSI/Scotia. Guarantors: AerCap Holdings NV, AerCap Aviation Solutions BV, AerCap Ireland Ltd, International Lease Finance Corp, AerCap US Global Aviation LLC. UOP: general corporate purposes, including to acquire, invest in, finance or refinance aircraft assets and to repay indebtedness. First Pay: 3y: 8/28/26, 7y: 7/15/26. Denoms: 150,000 x 1,000. Sale into Canada: Yes - exemption. Listing: Euronext Dublin. Pricing 1/6. Settle 1/15 (T+7). CUSIPs: 3y: 00774MBT1, 7y: 00774MBU8. ISINs: 3y: US00774MBT18, 7y: US00774MBU80.

IPTs: 3y: T+95 area, 7y T+120 area.

GUIDANCE: 3y T+70#, 7y T+92#.

LAUNCHED:
$900m 3y at T+70.
$850m 7y at T+92.