Global aircraft leasing company Intrepid Aviation has priced an offering of $120 million in aggregate principal amount of senior notes due 2017.

The notes, which will bear interest at a rate of 8.25%, will be co-issued by Intrepid’s wholly-owned subsidiary, Intrepid Finance. Intrepid intends to use the net proceeds for general corporate purposes, including the purchase of aircraft, both for current forward orders and for future growth.

The offering is subject to customary conditions, although the notes have not been registered under the Securities Act of 1933, meaning 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. The offer is only valid for qualified institutional buyers pursuant to Rule 144A under the Securities Act and non-U.S. persons under Regulation S.

Intrepid Aviation is a global leasing company that acquires and leases commercial passenger aircraft to airline operators worldwide. Intrepid Aviation focuses primarily on twin engine widebody commercial passenger aircraft such as the Boeing 777, Boeing 787 and Airbus A330.