Fixed Income Investors

AERCAP DEBT HIGHLIGHTS

  • Unrivaled leader in aviation leasing, with a well-diversified fleet and customer base and an unmatched team of aviation experts who are leading and shaping the leasing industry
  • Investment grade credit ratings with all three major rating agencies, upgraded by Moody's to Baa2 in February 2023 and upgraded by Fitch to BBB in March 2023
  • 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 2.5x as of December 31, 2022, below our target of 2.7x
  • Secured debt-to-total assets ratio of ~14%
  • Strong order book of exclusively new technology, fuel-efficient, in-demand aircraft
  • Next 12 months’ sources-to-uses coverage of 1.4x, with ~$18 billion sources of liquidity

Debt Maturity Profile

Cash and Liquidity ~$18 billion

As of December 31, 2022; Form 20-F

Line chart below showcasing excess coverage, sources to uses, and target sources to uses from first quarter 2015 to fourth quarter 2022
Chart Data
Years Unsecured Debt Secured Debt Subordinated Debt
2022 500
2023 500 4500
2024
2025
2026
Thereafter

SOURCES TO USES RATIO

Bar chart of Debt maturity profile and line chart of sources to uses ratio.
Chart Data
Quarter Excess Coverage Sources to Use Target Sources to Use
1Q15
3Q15

Credit Ratings

Statistics S&P Global Ratings Moody's Fitch Ratings
Rating BBB Baa2 BBB
Outlook Stable Stable Stable
Issued October 2021 February 2023 March 2023
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 Q4 2022 Earnings Presentation

Adjusted Leverage Ratio chart
Chart Data

Debt Overview

As of December 31, 2022; Form 20-F

Debt Facility AMOUNT OUTSTANDING AT DECEMBER 31, 2022 (USD $ MILLION)
Total Unsecured 34,711
Senior Unsecured Notes 32,700
Other Unsecured Debt 2,011
Total Secured 9,814
Export Credit Facilities 1,058
Institutional Secured Term Loans & Secured Portfolio Loans 7,499
AerFunding Revolving Credit Facility 718
Other Secured Debt 537
Fair value adjustment 2
Total Subordinated 2,277
Subordinated Notes 2,250
Subordinated Debt Issued by VIEs 27
Debt Issuance Costs and Debt Discounts -269
Debt Issuance Costs and Debt Discounts -269
Total Debt 46,533
Total Equity 46,533

Outstanding Notes

As of December 31, 2022

Issuer Currency Maturity Amount Outstanding Coupon ISIN Documents
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 1,250,000,000 4.50% US00774MAP05 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 500,000,000 FRN% US00774MBA27 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2023 1,750,000,000 1.15% US00774MAT27 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 900,000,000 4.88% US00774MAK18 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 900,000,000 3.15% US00774MAQ87 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 750,000,000 2.88% US00774MAM73 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 3,250,000,000 1.65% US00774MAU99 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 1,000,000,000 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 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 3,750,000,000 3.00% US00774MAW55 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 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 5.12% US44965TAA51
ILFC E-Capital Trust II USD 2065 400,000,000 5.37% 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
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.