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; 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

Sources To Uses Ratio

As of September 30, 2023 Earnings Presentation

Credit Ratings

Statistics S&P Global Ratings Moody's Fitch Ratings
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
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 September 30, 2023 Earnings Presentation

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
Senior Unsecured Notes 33,100
Other Unsecured Debt 2,880
Total Secured 9,538
Export Credit Facilities 1,067
Institutional Secured Term Loans & Secured Portfolio Loans 6,977
AerFunding Revolving Credit Facility 1,058
Other Secured Debt 434
Fair value adjustment 1
Total Subordinated 2,250
Subordinated Notes 2,250
Subordinated Debt Issued by VIEs 0
Debt Issuance Costs and Debt Discounts -275
Debt Issuance Costs and Debt Discounts -275
Total Debt 47,493
Total Equity 47,493

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.