Intrepid Aviation Announces the Closing of a Private Offering of $500 Million of Senior Unsecured Notes & the Completion of t...
August 10 2018 - 10:15AM
Business Wire
Intrepid Aviation Group Holdings, LLC (“Intrepid”) announced
today that it has completed its previously announced offering (the
“Offering”) of senior notes due 2021 (the “Notes”). The Notes were
co-issued by Intrepid’s wholly owned subsidiary, Intrepid Finance
Co. (together with Intrepid, the “Issuers”). The Notes were issued
in an aggregate principal amount of $500 million, will bear
interest at a rate of 8.500% per year, subject to adjustment in
certain circumstances, and were priced at par.
Intrepid used the net proceeds of the Offering, together with
cash on hand, to complete the previously announced redemption of
all $515 million aggregate principal amount outstanding of the
Issuers’ 6.875% Senior Notes due 2019 (the “Existing 2019
Notes”).
The Issuers issued a conditional notice of redemption on July
11, 2018 with respect to the Existing 2019 Notes, which provided
for the redemption in full of the Existing 2019 Notes on August 10,
2018 at a redemption price equal to par, plus accrued and unpaid
interest to, but excluding, the redemption date. The notice of
redemption provided that the redemption of the Existing 2019 Notes
was subject to the satisfaction or waiver of certain conditions at
the sole discretion of the Issuers, all of which were satisfied or
waived by the Issuers today.
The Notes were offered and sold in a private transaction exempt
from the registration requirements of the Securities Act of 1933,
as amended (the “Securities Act”), to qualified institutional
buyers in accordance with Rule 144A under the Securities Act and to
non-U.S. persons outside of the United States pursuant to
Regulation S under the Securities Act. The Notes have not been and
will not be registered under the Securities Act, or the securities
laws of any other jurisdiction. As a result, they may not be
offered or sold in the United States or to any U.S. persons except
pursuant to an applicable exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be
any sales of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
SAFE HARBOR FOR FORWARD-LOOKING AND
CAUTIONARY STATEMENTS
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements involve uncertainties, risks and assumptions, since
these statements include information concerning Intrepid’s possible
or assumed future results, business strategies, financing plans and
potential growth opportunities. These statements may be preceded
by, followed by or include the words “believes,” “estimates,”
“expects,” “projects,” “forecasts,” “may,” “will,” “should,”
“would,” “could,” “seeks,” “plans,” “scheduled,” “assumes,”
“predicts,” “contemplates,” “continue,” “anticipates” or “intends”
or, in each case, their negative, or other variations and similar
expressions. Forward-looking statements speak only as of the date
they were made, and, except to the extent required by law, Intrepid
undertakes no obligation to update publicly or to revise any
forward-looking statements because of new information, future
events or other factors. In light of the risks and uncertainties
described above, the forward-looking events and circumstances
discussed herein might not occur and are not guarantees of future
performance. Intrepid’s future results and performance may differ
materially from those expressed in its forward-looking
statements.
ABOUT INTREPID
Intrepid is a privately held commercial aircraft lessor.
Intrepid and its team of experienced professionals invest in and
manage a fleet of modern, in demand commercial jet aircraft on
long-term lease to airline customers worldwide. Intrepid is located
in Stamford, Connecticut and Dublin, Ireland.
ABOUT INTREPID AVIATION’S SHAREHOLDERS,
CENTERBRIDGE PARTNERS, RESERVOIR CAPITAL AND AMEDEO
Centerbridge Partners, L.P. is a private investment firm with
offices in New York City and London with approximately $28.0
billion in capital under management as of March 31, 2018. Reservoir
Capital Group, L.L.C. was founded in 1998 and is a privately held
investment firm with a flexible, opportunistic investment approach
and has approximately $4.0 billion in assets under management as of
March 31, 2018. Amedeo Capital Limited is a widebody aircraft asset
manager with aviation assets of more than $8.0 billion under
management, as of March 31, 2018, after giving effect to its
partnership with Intrepid.
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Intrepid Aviation Group Holdings,
LLCMedia:+1-203-905-4220investor.relations@intrepidaviation.comorFinance:Michael
Lungariello, +1-203-905-4220