AerCap Holdings N.V. issued $1.75 billion of senior notes, split into $900 million of 4.125% notes due 2029 and $850 million of 4.750% notes due 2033. The notes are fully and unconditionally guaranteed by AerCap and its subsidiaries, and the proceeds will be used for general corporate purposes, including aircraft acquisitions, investments, and refinancing of existing debt.
The financing gives AerCap a significant liquidity cushion that supports its strategy of expanding a modern, fuel‑efficient fleet in a market where aircraft supply is expected to remain constrained for the foreseeable future. By adding long‑term debt at attractive coupon rates, the company can keep its leverage ratio well below its target of 2.7× and preserve its investment‑grade credit rating, which is currently BBB+ from all three major agencies.
The transaction is part of AerCap’s disciplined capital‑management approach. The company has a history of issuing senior notes—most recently in 2024—to fund growth and maintain a strong balance sheet. The new notes will allow AerCap to continue acquiring aircraft and engines while keeping debt costs low, thereby supporting future asset growth and potential share‑repurchase programs.
Investors viewed the issuance as a routine, low‑risk funding move that reinforced confidence in AerCap’s capital structure. The market’s positive reaction reflects the company’s strong fundamentals, including its leading position in the aircraft‑leasing market, diversified fleet, and robust cash‑flow generation.
The financing positions AerCap to pursue additional growth opportunities, maintain a conservative leverage profile, and potentially return capital to shareholders through share repurchases, all while preserving the company’s investment‑grade credit rating and supporting its long‑term strategic objectives.
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