Ryanair prices $194.3 million pre funded exim bond

Victoria
By Victoria September 10, 2012 13:03

Ryanair prices $194.3 million pre funded exim bond

Ryanair priced a $194.3 million Ex-Im Bank prefunded guaranteed bond last week.

The transaction was over 3x oversubscribed.

The bond priced at a spread of mid-swaps + 65 bps (12.11 year final / 6.44 year WAL) for a coupon of 1.741% – the lowest spread for an Ex-Im bond YTD.

The use of proceeds will be to finance seven new Boeing 737-8 aircraft scheduled for delivery from September through December.

Issuer: Portmarnock Leasing LLC

Security Description: Secured Notes guaranteed by Export-Import Bank of the United States, an agency of the United States of America

Guarantee: Payment of 100% of all regularly scheduled instalments of principal of, and interest on, the Notes will be guaranteed by the Export-Import Bank of the United States (”Ex-Im Bank”),

Bookrunners: BNP Paribas and Citi

B&D: Citi

Size: $194.317mm

Maturity: 12.11 years
WAL: 6.44 years

Spread: 65 bps
Coupon: 1.741%

Settle: 9/12/12 (T+5)

Collateral: Seven (7) Boeing 737-8AS aircraft (scheduled for delivery through December)

Victoria
By Victoria September 10, 2012 13:03
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