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- Substantial Indebtedness (new) — AerCap's debt load of $43.0 billion (60% of total assets) with $936 million in first-half interest expense is a significant leverage risk for noteholders.
- Holding Company Structure (new) — The guarantors are holding companies with no independent operations, relying on upstreamed dividends, which may be restricted and structurally subordinate noteholders.
- Non-guarantor Subsidiary Liabilities (new) — Non-guarantor subsidiaries hold $15.2 billion in liabilities, and in insolvency their creditors would be paid before noteholders, reducing recovery prospects.
- Dutch Withholding Tax On Note Payments (new) — If a noteholder is a related entity in a listed jurisdiction, Dutch withholding tax may apply to guarantee payments with no gross-up, reducing net returns.
AerCap Funding DAC offers $1.5B senior notes: $750M 5.500% due 2030 and $750M 5.875% due 2033, guaranteed by AerCap Holdings N.V.
Filed September 25, 2026 · ~2 min read
Key Changes
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AerCap Funding DAC, a subsidiary of AerCap Holdings N.V., is offering $1.5 billion of senior notes in two tranches: $750 million 5.500% due 2030 and $750 million 5.875% due 2033.
The Offering verify on EDGAR → -
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Net proceeds to the company are approximately $1.48 billion after underwriting discounts, before expenses, to be used for general corporate purposes including aircraft assets and debt repayment.
Use of Proceeds verify on EDGAR → -
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The notes are structurally subordinated to liabilities of non-guarantor subsidiaries, which had $15.2 billion in total liabilities as of June 30, 2026.
The Offering verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 3, 2026 · How we verify