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
- Mid-BBB ratings from all three major rating agencies; Fitch, Moody's and S&P
- 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 2.51x as of September 30, 2023, below our target of 2.7x
- Secured debt-to-total assets ratio of ~13%
- Attractive order book of exclusively new technology, fuel-efficient aircraft
- Next 12 months’ sources-to-uses coverage of 1.7x, with ~$20 billion sources of liquidity
Debt Maturity Profile
Cash and Liquidity ~$20 billion
As of September 30, 2023; Form 6-K
| 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 September 30, 2023; Form 6-K
| Debt Facility | AMOUNT OUTSTANDING AS OF SEPTEMBER 30, 2023 (USD $ MILLION) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Unsecured | 35,980 | ||||||||||
|
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| Total Secured | 9,538 | ||||||||||
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| Total Subordinated | 2,250 | ||||||||||
|
|||||||||||
| Debt Issuance Costs and Debt Discounts | -275 | ||||||||||
|
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| Total Debt | 47,493 | ||||||||||
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Outstanding Notes
As of September 30, 2023
| Issuer | Currency | Maturity | Amount Outstanding | Coupon | ISIN | Documents |
|---|---|---|---|---|---|---|
| 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 | 900,000,000 | 6.10% | US00774MBD65 | 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 | 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 | 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 | 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.