
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
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
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 | ||||||||||
|
|||||||||||
Total Secured | 10,051 | ||||||||||
|
|||||||||||
Total Subordinated | 2,277 | ||||||||||
|
|||||||||||
Debt Issuance Costs and Debt Discounts | -289 | ||||||||||
|
|||||||||||
Total Debt | 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.