AerCap’s $21 Billion Senior Notes Offering for GECAS Acquisition

Simpson Thacher represented the underwriters in the offering. Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust.

AerCap Ireland Capital DAC and AerCap Global Aviation Trust, subsidiaries of AerCap Holdings N.V. (“AerCap”), executed the public offering of $1.75 billion aggregate principal amount of 1.15% Senior Notes due 2023, $3.25 billion aggregate principal amount of 1.65% Senior Notes due 2024, $1 billion aggregate principal amount of 1.75% Senior Notes due 2024, $3.75 billion aggregate principal amount of 2.45% Senior Notes due 2026, $3.75 billion aggregate principal amount of 3% Senior Notes due 2028, $4 billion aggregate principal amount of 3.3% Senior Notes due 2032, $1.5 billion aggregate principal amount of 3.4% Senior Notes due 2033, $1.5 billion aggregate principal amount of 3.85% Senior Notes due 2041 and $0.5 billion aggregate principal amount of Floating Rate Senior Notes due 2023.

AerCap intends to use the net proceeds to fund a portion of the cash consideration to be paid in its acquisition of GE Capital Aviation Services, the aviation leasing business of GE, and to pay related fees and expenses, with any excess proceeds to be used for general corporate purposes.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BofA Securities, Inc., Barclays Capital Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Santander Investment Securities Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., TD Securities (USA) LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, MUFG Securities Americas Inc., SG Americas Securities, LLC, Fifth Third Securities, Inc. acted as underwriters for the offering.

AerCap is a global leader in aircraft leasing. As of June 30, 2021, AerCap owned 934 aircrafts and managed 105 aircrafts. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions from its headquarters in Dublin, with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.

The Simpson Thacher team for the transaction included David Azarkh (Picture) and Jieun Lim (Capital Markets); Jonathan Cantor (Tax); Adam Moss (Credit); and Jennie Getsin (FINRA and Blue Sky).

The Cravath team included partner Craig F. Arcella and associates Lee M. Blum on capital markets matters, and partner Christopher K. Fargo, senior attorney Andrew Carlon and associate Duncan H. Hardell on tax matters. Luke A. Martin and Benjamin C. Dale also worked on capital markets matters.

Involved fees earner: Craig Arcella – Cravath Swaine & Moore; Lee Blum – Cravath Swaine & Moore; Andrew Carlon – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Duncan Hardell – Cravath Swaine & Moore; Luke Martin – Cravath Swaine & Moore; David Azarkh – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Jieun Lim – Simpson Thacher & Bartlett; Adam Moss – Simpson Thacher & Bartlett;

Law Firms: Cravath Swaine & Moore; Simpson Thacher & Bartlett;

Clients: AerCap Global Aviation Trust; AerCap Ireland Capital Designated Activity Company; Bank of America Securities; Barclays Capital ; BNP Paribas Securities; Citigroup Global Markets Ltd; Credit Agricole Securities (USA) Inc.; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities; Fifth Third Securities, Inc.; Goldman Sachs & Co.; HSBC Securities (USA) Inc.; J.P. Morgan Securities LLC; Mizuho Securities; Morgan Stanley; MUFG Securities Americas Inc. ; RBC Capital Markets; Santander Investment Securities Inc.; SG Americas Securities LLC; TD Securities; Truist Securities Inc. ; Wells Fargo Securities;