November 15, 2013
Affiliates of Rolls-Royce plc jointly issue fixed and floating rate notes in five series to a group of 21 institutional investors.
On October 30, 2013, a U.K. and a U.S. affiliate of Rolls-Royce plc jointly issued $700 million of their senior secured notes in five series (comprised of fixed and floating rate notes) to a group of 21 institutional investors, including New York Life, MetLife, TIAA-CREF and Prudential, among others. Willkie represented the investors in connection with the private placement.
The notes were rated A- by Standard & Poor’s and the proceeds were applied to refinance the issuer’s dedicated spare engine leasing program, a joint venture between Rolls-Royce plc and GATX Corporation, involving over 40 airline customers located in Europe, North America, South America, the Middle East, Asia and Australia.
Rolls-Royce plc, a United Kingdom-based public holding company that, through its subsidiaries, manufactures aero, marine and industrial gas turbines, operates in four global markets: civil aerospace, defense aerospace, marine and energy. It is the third largest manufacturer of aircraft engines in the world.
The deal was handled by partner Leslie Mazza, special counsel Cindy Chernuchin, and associates Thoedore Neos and Thomas Cantore with the assistance of partners Alan Lipkin, Francis Menton, and Christopher Peters, special counsel Miriam Bishop, and associates Meredith Levy and Alex Turina.
