AerCap Holdings’ $1.5 Billion Unsecured Bond Offering

McCann FitzGerald advised AerCap Holdings N.V. on its US$1.5 billion unsecured bond issuance. Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust in the transaction.

AerCap Holdings N.V. announced a US$1.5 billion unsecured bond issuance by its wholly owned subsidiaries AerCap Ireland Capital DAC (AICDAC) and AerCap Global Aviation Trust (AGAT, and together with AICDAC, the “Issuers”) consisting of $900,000,000 aggregate principal amount of 3.150% Senior Notes due 2024 and $600,000,000 aggregate principal amount of 4.625% Senior Notes due 2027.

The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain other subsidiaries of the Company.  The Issuers intend to use the net proceeds from the Notes to fund the previously announced cash tender offers by AGAT to purchase certain notes previously issued by the Issuers and to pay fees and expenses in connection therewith.  In the event the Tender Offers are not consummated, or the net proceeds from the Notes are otherwise in excess of the amount needed to fund the Tender Offers and to pay related fees and expenses, the Issuers intend to use remaining proceeds for general corporate purposes.

This issuance follows shortly after the issuance of US$1.25 billion aggregate principal amount of 4.50% Senior Notes due 2023 and the issuance of US$1.25 billion aggregate principal amount of 6.50% Senior Notes due 2025 by the Issuers in June 2020.

AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust are wholly owned subsidiaries of AerCap Holdings N.V., the world’s largest independent aircraft leasing company.

McCann FitzGerald’s team was led by Hilary Marren (Picture).

Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust with a team including partner Craig F. Arcella and associates Darien Pun and Caroline H. Gieryn.

Involved fees earner: Craig Arcella – Cravath Swaine & Moore; Darien Pun – Cravath Swaine & Moore; Caroline Gieryn – Cravath Swaine & Moore; Hilary Marren – McCann FitzGerald;

Law Firms: Cravath Swaine & Moore; McCann FitzGerald;

Clients: AerCap Global Aviation Trust; AerCap Holdings N.V.; AerCap Ireland Capital Designated Activity Company;