Firm Advises Griffin on $700M Unsecured Notes Offerings

November 2023 - HHR represented Griffin Global Asset Management on a senior unsecured notes offering and subsequent add-on totaling $700 million.

The first unsecured bond offering, which closed in November 2023, was $400 million of 8% senior unsecured notes due 2027. An add-on offering of $300 million of senior unsecured notes closed in December. The upsized bond will carry the same coupon of 8% per annum, but the additional $300 million of new notes were priced at 101 to yield 7.636% per annum.

The joint bookrunners of the issuance include Mizuho Securities, BMO Capital Markets, Barclays Bank, Bank of America Securities, Citigroup, Goldman Sachs Group, Mitsubishi UFJ Financial Group, Morgan Stanley, PNC Bank, SMBC and Société Générale.

“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 Griffin's chief financial officer, John Beekman.

The deal was reported on by AirFinance Journal. The firm also advised Griffin on the $1 billion unsecured notes transaction earlier last year referred to in Beekman's statement.

Established in 2020, Griffin is a commercial aircraft leasing and alternative asset management business with offices in Ireland, Los Angeles and Puerto Rico. The company's team of aviation professionals works closely with airlines, original equipment manufacturers and financiers to deliver customized fleet solutions and innovative financing products to airlines globally.

The HHR team included Steve Chung, Terry Sanders, Andrew Fowler, Alan Kravitz, Steve Greene, Justin Cohen, Jenny Graham, Michael Clare, Michael Carroll, Lea Jiang, David Cohen, TJ Haley and Travis Henry-Reid.