Fixed Income Investors

AERCAP DEBT HIGHLIGHTS

  • Largest aircraft, engine and helicopter lessor in the world, with a well-diversified fleet and customer base
  • Strong order book of new technology, fuel-efficient, in-demand aircraft
  • Long lease terms lead to stable and predictable revenues and cash flows
  • Conservative approach to liquidity and funding, with a diverse set of funding sources both secured and unsecured and a commitment to maintaining a strong balance sheet
  • Adjusted leverage ratio of 2.69x as of September 30, 2022, below our target of 2.7x
  • Secured debt-to-total assets ratio of ~14%
  • Next 12 months’ sources-to-uses coverage of 1.7x, with $17 billion sources of liquidity
  • Investment grade credit ratings with all three major rating agencies with positive outlooks at Fitch and Moody’s

Debt Maturity Profile

Cash and Liquidity $17 billion

As of September 30, 2022; 6-K Q3 2022

Bar chart below showcasing unsecured, secured, and subordinated debt from 2022 through 2026 and thereafter
Bar chart of Debt maturity profile

Sources to Uses Ratio

Line chart below showcasing xcess coverage, sources to uses, and target sources to uses from first quarter 2015 to third quarter 2022
line chart of sources to uses ratio
Bar chart of Debt maturity profile and line chart of sources to uses ratio

Credit Ratings

Statistics S&P Global Ratings Moody's Fitch Ratings
Rating BBB Baa3 BBB-
Outlook Stable Positive Positive
Issued October 2021 October 2022 June 2022
Lead Analyst

Betsy R. Snyder, CFA

Mark L. Wasden

Johann Juan

Contact Details

+1 (212) 428 7811
betsy.snyder@spglobal.com

+1 (212) 553 1653
mark.wasden@moodys.com

+1 (312) 368 3339
johann.juan@fitchratings.com

Adjusted Leverage Ratio

As of Q3 2022 Earnings Presentation

Debt Overview

As of September 30, 2022; 6-K Q3 2022

Debt Facility Amount Outstanding at September 30, 2022 (USD $ Million)
Total Unsecured 35,311
Senior Unsecured Notes 33,300
Other Unsecured Debt 2,011
Total Secured 10,051
Export Credit Facilities 1,125
Institutional Secured Term Loans & Secured Portfolio Loans 7,631
AerFunding Revolving Credit Facility 734
Other Secured Debt 559
Fair value adjustment 2
Total Subordinated 2,277
Subordinated Notes 2,250
Subordinated Debt Issued by VIEs 27
Debt Issuance Costs and Debt Discounts -289
Debt Issuance Costs and Debt Discounts -289
Total Debt 47,350
Total Equity 47,350

Outstanding Notes

As of September 30, 2022

Issuer Currency Maturity Amount Outstanding Coupon ISIN Documents
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 600,000,000 3.300% US00774MAD74 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 600,000,000 4.125% US00774MAF23 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 1,250,000,000 4.500% US00774MAP05 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 500,000,000 FRN% US00774MBA27 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 1,750,000,000 1.150% US00774MAT27 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 900,000,000 4.875% US00774MAK18 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 900,000,000 3.150% US00774MAQ87 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 750,000,000 2.875% US00774MAM73 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 3,250,000,000 1.650% US00774MAU99 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 1,000,000,000 1.750% US00774MBB00 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2025 800,000,000 3.500% US00774MAC91 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2025 1,250,000,000 6.500% US00774MAN56 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2025 600,000,000 4.450% US00774MAG06 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2026 1,000,000,000 1.750% US00774MAS44 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2026 500,000,000 4.450% US00774MAL90 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2026 3,750,000,000 2.450% US00774MAV72 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2027 1,000,000,000 3.650% US00774MAB19 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2027 600,000,000 4.625% US00774MAR60 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2028 550,000,000 3.875% US00774MAE57 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2028 3,750,000,000 3.000% US00774MAW55 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2032 4,000,000,000 3.300% US00774MAX39 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2033 1,500,000,000 3.400% US00774MAY12 HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2041 1,500,000,000 3.850% US00774MAZ86 HTML
AerCap Global Aviation Trust USD 2045 500,000,000 6.500% US00773HAA59
ILFC E-Capital Trust I USD 2065 600,000,000 5.115% US44965TAA51
ILFC E-Capital Trust II USD 2065 400,000,000 5.365% US44965UAA25
AerCap Holdings N.V. USD 2079 750,000,000 5.875% US00774YAA73 HTML

Debt Analysts

Firm Analyst Phone
Barclays Peter Troisi +1 212 412 5184
Cantor Fitzgerald John Giordano +1 212 915 1052
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.