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China Aircraft Leasing Group issues $500 million guaranteed bonds

China Aircraft Leasing Group Holdings Limited, the largest independent operating aircraft lessor in China, issued 5-year USD300 million and 7-year USD200 million unrated and unsecured bonds, which bea

China Aircraft Leasing Group Holdings Limited, the largest independent operating aircraft lessor in China, issued 5-year USD300 million and 7-year USD200 million unrated and unsecured bonds, which bear an interest rate of 4.7% and 5.5% respectively. The bonds are guaranteed by the Company.

The net proceeds of the bonds issue will amount to approximately USD496.2 million, to be used for aircraft acquisitions, business expansion of the Company’s aircraft and related businesses and general working capital. For the 5-year bonds, 40% of the investor base is from fund management and insurance companies, 35% from banks and 25% from private banking investors. Asian and European investors account for 82% and 18% of the subscription respectively. For the 7-year bonds, the composition is 45%, 39% and 16%. Asian and European investors account for 78% and 22% of the subscription respectively.

Mr. Barry MOK, Deputy Chief Executive Officer and Chief Financial Officer of CALC, said, “Following the placement of the 3-year and 5-year USD bonds last year, the bonds issued this time have a longer maturity and fixed interest rate, and are unsecured. Such arrangement will optimise the Company’s financing structure. Although the interest rate in the USD market has witnessed increasing trend during the last half year, the 5-year bonds bear a lower interest rate than the previous ones, which reflects the market’s stronger confidence in the Company’s credit capability. It will further bring down the Company’s financing costs. The bonds issuance has received overwhelming support from investors from various regions around the world on a diversified base, which demonstrates the market’s recognition of CALC’s leading position. The Company is well positioned to capture the next wave of opportunities in the international market to support its efforts to expand its fleet portfolio, extend its global presence and cement its unique position as a full value-chain aircraft solutions provider.”

China Everbright Bank Co., Ltd., Hong Kong Branch; Citigroup Global Markets Limited; DBS Bank Ltd. are engaged to act as the joint global coordinators, joint bookrunners and joint lead managers of the bonds issuance. China Everbright Securities (HK) Limited is also one of the joint bookrunners and joint lead managers.