Fixed Income Investors

AERCAP DEBT HIGHLIGHTS

  • Unrivaled leader in aviation leasing, with a globally-diversified fleet and customer base
  • Ratings upgraded to BBB+ by Fitch in March 2025, now rated BBB+ by all three major rating agencies
  • Long lease terms lead to stable and predictable revenues and cash flows
  • Conservative approach to liquidity and funding, with a diverse set of secured and unsecured funding sources, and a commitment to maintaining a strong balance sheet
  • Adjusted leverage ratio of 2.4x as of March 31, 2025, below our target of 2.7x
  • Secured debt-to-total-assets ratio of ~12%
  • Attractive order book of exclusively new technology, fuel-efficient aircraft
  • Next 12 months’ sources-to-uses coverage of 1.8x, with ~$20 billion sources of liquidity

Debt Maturity Profile

Cash and Liquidity ~$20 billion

As of March 31, 2025; Form 6-K

Year Unsecured Debt Secured Debt Subordinated Debt
2025 $2850 $868 $0
2026 $6645 $1254 $0
2027 $5856 $2000 $0
2028 $7250 $2069 $0
2029 $2600 $924 $0
Thereafter $10400 $1473 $2250

For complete information regarding our financials, see our periodic filings.

Sources to Uses Ratio

As of March 31, 2025; 1Q 2025 Earnings Presentation

Year Target Sources to Uses Sources to Uses Excess Coverage
1Q15 1.2x 1.7x 1x
2Q15 1.2x 1.3x 1x
3Q15 1.2x 1.2x 1x
4Q15 1.2x 1.6x 1x
1Q16 1.2x 1.2x 1x
2Q16 1.2x 1.5x 1x
3Q16 1.2x 1.5x 1x
4Q16 1.2x 1.5x 1x
1Q17 1.2x 1.6x 1x
2Q17 1.2x 1.5x 1x
3Q17 1.2x 1.3x 1x
4Q17 1.2x 1.4x 1x
1Q18 1.2x 1.5x 1x
2Q18 1.2x 1.3x 1x
3Q18 1.2x 1.4x 1x
4Q18 1.2x 1.4x 1x
1Q19 1.2x 1.4x 1x
2Q19 1.2x 2x 1x
3Q19 1.2x 2x 1x
4Q19 1.2x 1.5x 1x
1Q20 1.2x 2x 1x
2Q20 1.5x 2.2x 1x
3Q20 1.5x 2.9x 1x
4Q20 1.5x 2.3x 1x
1Q21 1.5x 1.7x 1x
2Q21 1.5x 1.7x 1x
3Q21 1.5x 2.1x 1x
4Q21 1.5x 2.1x 1x
1Q22 1.5x 2.1x 1x
2Q22 1.5x 2.1x 1x
3Q22 1.2x 1.7x 1x
4Q22 1.2x 1.4x 1x
1Q23 1.2x 1.3x 1x
2Q23 1.2x 1.4x 1x
3Q23 1.2x 1.7x 1x
4Q23 1.2x 1.4x 1x
1Q24 1.2x 1.7x 1x
2Q24 1.5x 1.7x 1x
3Q24 1.5x 1.8x 1x
4Q24 1.5x 2x 1x
1Q25 1.5x 1.8x 1x

Credit Ratings

Statistics S&P Global Ratings Moody's Fitch Ratings
Rating BBB+ Baa1 BBB+
Outlook Stable Stable Stable
Issued June 2024 June 2024 March 2025
Lead Analyst

Jarrett Bilous

Mark L. Wasden

Johann Juan
Contact Details

+1 (416) 507 2593
jarrett.bilous@spglobal.com

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

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

Credit Ratings Evolution

Bar chart showing the evolution of AerCap’s credit rating with the three major credit rating agencies: S&P Global, Moody’s and Fitch. The X-axis represents time, the Y-axis represents the credit rating as defined by each rating agency. The charts show the evolution of AerCap’s credit rating with the three major credit rating agencies since 2015. The evolution shows a steady upgrade of AerCap’s credit rating over time, with the latest upgrades by S&P and Moody’s taking place in June 2024. This points to AerCap’s improving perceived creditworthiness as defined by the rating agencies.
Bar chart showing the evolution of AerCap’s credit rating with the three major credit rating agencies: S&P Global, Moody’s and Fitch. The X-axis represents time, the Y-axis represents the credit rating as defined by each rating agency. The charts show the evolution of AerCap’s credit rating with the three major credit rating agencies since 2015. The evolution shows a steady upgrade of AerCap’s credit rating over time, with the latest upgrades by S&P and Moody’s taking place in June 2024. This points to AerCap’s improving perceived creditworthiness as defined by the rating agencies.
Bar chart showing the evolution of AerCap’s credit rating with the three major credit rating agencies: S&P Global, Moody’s and Fitch. The X-axis represents time, the Y-axis represents the credit rating as defined by each rating agency. The charts show the evolution of AerCap’s credit rating with the three major credit rating agencies since 2015. The evolution shows a steady upgrade of AerCap’s credit rating over time, with the latest upgrades by S&P and Moody’s taking place in June 2024. This points to AerCap’s improving perceived creditworthiness as defined by the rating agencies.

Adjusted Leverage Ratio

As of March 31, 2025; 1Q 2025 Earnings Presentation

Year Adjusted Leverage Ratio Target Leverage Ratio legend-hide
1Q15 3.2x 3x 2.7x
2Q15 3.3x 3x 2.7x
3Q15 3.1x 3x 2.7x
4Q15 2.9x 3x 2.7x
1Q16 2.8x 3x 2.7x
2Q16 2.8x 3x 2.7x
3Q16 2.7x 3x 2.7x
4Q16 2.7x 3x 2.7x
1Q17 2.7x 3x 2.7x
2Q17 2.7x 3x 2.7x
3Q17 2.7x 3x 2.7x
4Q17 2.8x 3x 2.7x
1Q18 2.8x 2.8x 2.8x
2Q18 2.8x 2.8x 2.8x
3Q18 2.7x 2.8x 2.8x
4Q18 2.9x 2.8x 2.8x
1Q19 2.8x 2.8x 2.8x
2Q19 2.8x 2.8x 2.8x
3Q19 2.8x 2.7x 2.7x
4Q19 2.6x 2.7x 2.7x
1Q20 2.5x 2.7x 2.7x
2Q20 2.5x 2.7x 2.7x
3Q20 2.7x 2.7x 2.7x
4Q20 2.6x 2.7x 2.7x
1Q21 2.5x 2.7x 2.7x
2Q21 2.4x 2.7x 2.7x
3Q21 2.3x 2.7x 2.7x
4Q21 2.7x 2.7x 2.7x
1Q22 2.9x 2.7x 2.7x
2Q22 2.8x 2.7x 2.7x
3Q22 2.69x 2.7x 2.7x
4Q22 2.53x 2.7x 2.7x
1Q23 2.56x 2.7x 2.7x
2Q23 2.51x 2.7x 2.7x
3Q23 2.51x 2.7x 2.7x
4Q23 2.47x 2.7x 2.7x
1Q24 2.4x 2.7x 2.7x
2Q24 2.4x 2.7x 2.7x
3Q24 2.4x 2.7x 2.7x
4Q24 2.4x 2.7x 2.7x
1Q25 2.4x 2.7x 2.7x

For complete information regarding our financials, see our periodic filings.

Debt Overview

As of March 31, 2025; Form 6-K

Debt Facility AMOUNT OUTSTANDING AS OF MARCH 31, 2025 (USD $ MILLION)
Total Unsecured 35,600
Senior Unsecured Notes 30,650
Other Unsecured Debt 4,775
Revolving credit facilities 175
Total Secured 8,586
Export Credit Facilities 940
Institutional Secured Term Loans & Secured Portfolio Loans 6,359
AerFunding Revolving Credit Facility 989
Other Secured Debt 298
Fair value adjustment 0
Total Subordinated 2,250
Subordinated Notes 2,250
Subordinated Debt Issued by VIEs 0
Debt Issuance Costs and Debt Discounts -250
Debt Issuance Costs and Debt Discounts -250
Total Debt 46,187
Total Equity 46,187

Outstanding Notes

As of March 31, 2025

Issuer Currency Maturity Amount Outstanding Coupon ISIN Documents
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2025 1,250,000,000 6.500% US00774MAN56 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2025 600,000,000 4.450% US00774MAG06 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2026 1,000,000,000 1.750% US00774MAS44 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2026 500,000,000 4.450% US00774MAL90 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2026 3,750,000,000 2.450% US00774MAV72 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2027 900,000,000 6.100% US00774MBD65 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2027 1,499,156,000 6.450% US00774MBG96 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2027 844,000 6.450% USG0114MAA56
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2027 1,000,000,000 3.650% US00774MAB19 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2027 600,000,000 4.625% US00774MAR60 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2028 550,000,000 3.875% US00774MAE57 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2028 1,000,000,000 5.750% US00774MBC82 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2028 3,750,000,000 3.000% US00774MAW55 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2028 750,000,000 4.875% US00774MBN48 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2029 800,000,000 5.100% US00774MBJ36 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2029 1,300,000,000 4.625% US00774MBL81 PDF HTML
AerCap Sukuk Limited USD 2029 500,000,000 4.500% US00782EAA10
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2030 850,000,000 6.150% US00774MBE49 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2031 750,000,000 5.375% US00774MBP95 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2032 4,000,000,000 3.300% US00774MAX39 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2033 1,500,000,000 3.400% US00774MAY12 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2034 700,000,000 5.300% US00774MBH79 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2034 1,100,000,000 4.950% US00774MBM64 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2041 1,500,000,000 3.850% US00774MAZ86 PDF HTML
AerCap Global Aviation Trust USD 2045 500,000,000 6.500% US00773HAA59
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2055 750,000,000 6.950% US00774MBK09 PDF HTML
ILFC E-Capital Trust I USD 2065 600,000,000 FRN US44965TAA51
ILFC E-Capital Trust II USD 2065 400,000,000 FRN US44965UAA25

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