AERCAP DEBT HIGHLIGHTS
- Global leader in aviation leasing, with a well-diversified fleet, customer base and financing counterparts
- Mid-BBB ratings from all three major rating agencies and a positive outlook from Moody's and S&P
- Long lease terms lead to stable and predictable revenues and cash flows
- Conservative approach to liquidity and funding and a commitment to maintaining a strong investment grade balance sheet
- Adjusted leverage ratio of 2.47x as of December 31, 2023, below our target of 2.7x
- Secured debt-to-total assets ratio of 14%
- Attractive order book of the most sought-after, liquid, fuel-efficient aircraft
- Next 12 months’ sources-to-uses coverage of 1.4x, with ~$19 billion sources of liquidity
Debt Maturity Profile
Cash and Liquidity ~$19 billion
As of December 31, 2023; Form 20-F
| Statistics |
|
|
|
|---|---|---|---|
| Rating | BBB | Baa2 | BBB |
| Outlook | Positive | Positive | Stable |
| Issued | November 2023 | November 2023 | March 2023 |
| Lead Analyst | Betsy R. Snyder, CFA |
Mark L. Wasden |
Johann Juan |
| Contact Details | +1 (212) 428 7811 |
+1 (212) 553 1653 |
+1 (312) 368 3339 |
Debt Overview
As of December 31, 2023; Form 20-F
| Debt Facility | AMOUNT OUTSTANDING AS OF DECEMBER 31, 2023 (USD $ MILLION) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Unsecured | 34,295 | ||||||||||
|
|||||||||||
| Total Secured | 10,151 | ||||||||||
|
|||||||||||
| Total Subordinated | 2,250 | ||||||||||
|
|||||||||||
| Debt Issuance Costs and Debt Discounts | -213 | ||||||||||
|
|||||||||||
| Total Debt | 46,483 | ||||||||||
|
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Outstanding Notes
As of February 23, 2024
| Issuer | Currency | Maturity | Amount Outstanding | Coupon | ISIN | Documents |
|---|---|---|---|---|---|---|
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2024 | 473,719,000 | 2.88% | US00774MAM73 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2024 | 2,247,660,000 | 1.65% | US00774MAU99 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2024 | 643,970,000 | 1.75% | US00774MBB00 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2025 | 800,000,000 | 3.50% | US00774MAC91 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2025 | 1,250,000,000 | 6.50% | US00774MAN56 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2025 | 600,000,000 | 4.45% | US00774MAG06 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2026 | 1,000,000,000 | 1.75% | US00774MAS44 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2026 | 500,000,000 | 4.45% | US00774MAL90 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2026 | 3,750,000,000 | 2.45% | US00774MAV72 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2027 | 900,000,000 | 6.10% | US00774MBD65 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2027 | 1,500,000,000 | 6.450% | US00774MBF14 | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2027 | 1,000,000,000 | 3.65% | US00774MAB19 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2027 | 600,000,000 | 4.63% | US00774MAR60 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2028 | 550,000,000 | 3.88% | US00774MAE57 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2028 | 1,000,000,000 | 5.75% | US00774MBC82 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2028 | 3,750,000,000 | 3.00% | US00774MAW55 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2029 | 800,000,000 | 5.10% | US00774MBJ36 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2030 | 850,000,000 | 6.15% | US00774MBE49 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2032 | 4,000,000,000 | 3.30% | US00774MAX39 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2033 | 1,500,000,000 | 3.40% | US00774MAY12 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2034 | 700,000,000 | 5.30% | US00774MBH79 | PDF HTML |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | USD | 2041 | 1,500,000,000 | 3.85% | US00774MAZ86 | PDF HTML |
| AerCap Global Aviation Trust | USD | 2045 | 500,000,000 | 6.50% | US00773HAA59 | |
| ILFC E-Capital Trust I | USD | 2065 | 600,000,000 | FRN% | US44965TAA51 | |
| ILFC E-Capital Trust II | USD | 2065 | 400,000,000 | FRN% | US44965UAA25 | |
| AerCap Holdings N.V. | USD | 2079 | 750,000,000 | 5.88% | US00774YAA73 | PDF HTML |
Debt Analysts
| Firm | Analyst | Phone |
|---|---|---|
| Barclays | Peter Troisi | +1 212 412 5184 |
| Deutsche Bank | Doug Runte | +1 212 250 9319 |
| J.P. Morgan | Mark Streeter | +1 212 834 5086 |
AerCap Holdings N.V. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding AerCap Holdings N.V.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of AerCap Holdings N.V. or its management. AerCap Holdings N.V. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
IR Contacts
Corporate Office
AerCap Holdings N.V.
65 St Stephen's Green
Dublin D02 YX20
Ireland
T: +353 1 819 2010
contact@aercap.com
Investor Relations
Joseph McGinley
Head of Investor Relations
T: +353 1 418 0428
jmcginley@aercap.com
Transfer Agent
Broadridge Corporate Issuer Solutions, Inc.
1155 Long Island Avenue
Edgewood, NY, 11717
USA
T: 1-800-733-1121
Fixed Income Trustee Contact
Deutsche Bank
agency.transactions@db.com