AAR plans $1.92 billion note offering to fund MRO Holdings acquisition
AIR•AAR plans to offer $955 million of senior notes due 2031 and $960 million due 2034 to help finance its acquisition of a 65% stake in MRO Holdings for $2.6 billion.
1. Planned note offering
AAR plans to offer $955 million of senior notes due 2031 and $960 million due 2034 to help finance its acquisition of a 65% stake in MRO Holdings. The transaction values MRO Holdings at approximately $4 billion, including debt.
2. Acquisition financing
Consideration comprises $1.82 billion in cash and $780.8 million in Series A Preferred Stock under an agreement dated September 28, 2026. Additional financing includes approximately $231.6 million from a common stock placement and $230 million in revolving credit borrowings. An intercompany loan of up to $1.35 billion will refinance MRO Holdings' existing credit agreement.
