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Griffin Global Asset Management Announces Closing of $300m Tap of its Existing Senior Unsecured Notes Due 2027
Dublin, Ireland – January 11, 2024 – Griffin Global Asset Management (“Griffin”) is pleased to announce the successful re-opening of its existing $400 million 8% Senior Unsecured Notes due 2027 to add an additional $300 million of senior unsecured notes (the “Additional Notes”). With the closing of the Additional Notes on 22 December 2023, Griffin now has $700 million of senior unsecured notes due 15 February 2027. The upsized bond will carry the same coupon rate of 8% per annum, but the additional $300 million of new Notes were priced at 101 to yield 7.636% per annum.
“Following the success of our recent $400 million 2027 Notes issuance, we are very pleased to broaden our investor base through the completion of this offering of an additional $300 million of 2027 Notes. Combined with our inaugural $1 billion unsecured notes issuance in June, our issuance of $400 million of notes in November and the partial refinancing of our secured warehouse facility with a $575 million unsecured revolving credit facility, we raised over $2.2 billion of unsecured capital in 2023, which we expect will support the growth of our business in 2024 and beyond,” said John Beekman, Chief Financial Officer of Griffin Global Asset Management.
The Additional Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any jurisdiction and may be offered or sold only in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The Additional Notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Additional Notes, nor shall there be any sale of the Additional Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Griffin Global Asset Management
Griffin is a commercial aircraft leasing and alternative asset management business with offices in Dublin, Ireland, Puerto Rico, and Los Angeles, CA. Griffin’s team of aviation professionals works closely with airlines, OEMs, and financiers to deliver customized fleet solutions and innovative financing products to airlines globally.