Goshawk closes first unsecured Schuldschein; new notes issuance from Bombardier

Eleanor Steed
By Eleanor Steed November 17, 2016 16:55

Goshawk closes first unsecured Schuldschein; new notes issuance from Bombardier

Goshawk Aviation has completed its debut unsecured US$95 million Schuldschein issuance. The issuance consists of three- and five-year tranches and proceeds will be used for general corporate purposes. Launched at US$75 million, the issue was significantly oversubscribed and was increased to US$95 million to meet investor demand.

The issue was arranged by Commerzbank, Landesbank Hessen-Thüringen and NORD/LB.

Goshawk is the first aircraft leasing company and the first Irish company to access the German Schuldschein market.

Following its debut in the capital markets with a US$231 million US Private Placement in August 2016, the Schuldschein has allowed Goshawk to further diversify its funding base to include European based institutions.

“Innovation and diversity are two of the key foundations of our strategic financing plan and we are very pleased to have achieved that with our inaugural Schuldschein issuance, a first by an aircraft lessor,” Anand Ramachandran, CFO of Goshawk commented.

Goshawk’s portfolio has grown to 94 committed aircraft since inception with a total asset value of approximately US$4.6 billion.

Meanwhile, Bombardier has successfully priced its offering of US$1.4 billion aggregate principal amount of new senior notes due December 1, 2021 which carry a coupon of 8.750% per annum and will be sold at 99.001% of par. The issuance is expected to close on or about November 21, 2016, subject to customary closing conditions.

Bombardier intends to use the net proceeds of this offering, together with cash on hand, to finance the redemption of all of its outstanding 7.50 % senior notes due March 2018 and 5.50% Senior Notes due September 2018.

 

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Eleanor Steed
By Eleanor Steed November 17, 2016 16:55