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
  • Mid-BBB ratings from all three major rating agencies and a positive outlook from 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 2.4x as of March 31, 2024, below our target of 2.7x
  • Secured debt-to-total assets ratio of ~14%
  • Attractive order book of exclusively new technology, fuel-efficient aircraft
  • Next 12 months’ sources-to-uses coverage of 1.7x, with ~$19 billion sources of liquidity

Debt Maturity Profile

Cash and Liquidity ~$19 billion

As of March 31, 2024; Form 6-K

Sources To Uses Ratio

As of March 31, 2024; 1Q 2024 Earnings Presentation

Credit Ratings

Statistics S&P Global Ratings Moody's Fitch Ratings
Rating BBB Baa2 BBB
Outlook Positive Positive Positive
Issued November 2023 November 2023 June 2024
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

Adjusted Leverage Ratio

As of March 31, 2024; 1Q 2024 Earnings Presentation

Debt Overview

As of March 31, 2024; Form 6-K

Debt Facility AMOUNT OUTSTANDING AS OF MARCH 31, 2024 (USD $ MILLION)
Total Unsecured 33,915
Senior Unsecured Notes 30,915
Other Unsecured Debt 2,975
Revolving credit facilities 25
Total Secured 9,793
Export Credit Facilities 1,002
Institutional Secured Term Loans & Secured Portfolio Loans 7,421
AerFunding Revolving Credit Facility 972
Other Secured Debt 398
Fair value adjustment 1
Total Subordinated 2,250
Subordinated Notes 2,250
Subordinated Debt Issued by VIEs 0
Debt Issuance Costs and Debt Discounts -235
Debt Issuance Costs and Debt Discounts -235
Total Debt 45,723
Total Equity 45,723

Outstanding Notes

As of March 31, 2024

Issuer Currency Maturity Amount Outstanding Coupon ISIN Documents
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 473,719,000 2.875% US00774MAM73 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 2,247,660,000 1.650% US00774MAU99 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2024 643,970,000 1.750% US00774MBB00 PDF HTML
AerCap Ireland Capital DAC / AerCap Global Aviation Trust USD 2025 800,000,000 3.500% US00774MAC91 PDF HTML
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 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 2029 800,000,000 5.100% US00774MBJ36 PDF HTML
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 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 2041 1,500,000,000 3.850% US00774MAZ86 PDF HTML
AerCap Global Aviation Trust USD 2045 500,000,000 6.500% 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 5.875% 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.

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