Griffin Global Asset Management, a commercial aircraft leasing and alternative asset management company, closed an aggregate principal amount of $1 billion senior unsecured notes through GGAM Finance Ltd.
The offering consists of $400 million of 7.75% senior unsecured notes due 2026 and $600 million of 8% senior unsecured notes due 2028. The notes will be guaranteed by Griffin Global Asset Management Holdings and certain of its subsidiaries.
Griffin Global Asset Management will use proceeds from the issuance of the notes to partially repay its existing warehouse facility and for general corporate purposes.
Fitch Ratings and S&P Global Ratings announced their intention, on successful completion of the offering, to rate Griffin Global Asset Management’s issuer and senior unsecured debt ratings BB and BB-, respectively.
“We are proud to announce the closing of Griffin’s first unsecured bond issuance, which is an important step in building an investment grade company. The support Griffin has enjoyed from our banking partners is now complemented by the investors in these notes, both of which we view as key long-term relationships,” John Beekman, CFO of Griffin Global Asset Management, said.
