Doric Nimrod Air Finance Alpha, a wholly-owned subsidiary of Doric Nimrod Air Two Limited (DNA2) has priced its offering of Class A and Class B enhanced equipment trust certificates (EETC) with an aggregate face amount of approximately $587.5 million.
The $434 million Class A certificates bear interest at an annual rate of 5.125% and will have a final expected distribution date of 30 November 2022.
The $154 million Class B certificates bear interest at an annual rate of 6.5% and will have a final expected distribution date of 30 May 2019.
Goldman, Sachs & Co. acted as sole structuring agent and sole bookrunner.
A diversified pool of 37 institutional investors participated in the offerings, which were more than three times oversubscribed.
The distribution by investor type was as follows: 74% asset managers, 9% pension funds, 12% fund managers, 3% insurance companies and 2% banks. The distribution by investment volume was 75% USA, 20% Europe and 5% Asia, involving a number of first time EETC investors.
The offerings are expected to close on 11 July 2012.
Doric Alpha intends to use the proceeds from the offerings to finance the acquisition of four new Airbus A380 aircraft to be leased to Emirates scheduled to be delivered between September and November 2012.