Intrepid Aviation intends to raise $515 million with an unsecured private placement aimed at refinancing maturing debt.
The notes, which will be due in 2021, are to replace a 6.875% bond coming due in February 2019, says the issuer.
Fitch has rated the notes "B+". The agency states: "The unsecured notes offering is not expected to change Intrepid's leverage or funding profile on a pro-forma basis, since the proceeds from the offering will be used to repay existing unsecured debt."
Earlier this month, Intrepid shareholders Centerbridge Partners and Reservoir Capital announced a strategic partnership between the lessor and widebody specialist Amedeo. Centerbridge and Reservoir are to take a minority stake in Amedeo, which in turn will make a minority investment in Intrepid.
Source: Cirium Dashboard