International Aerospace Coatings (IAC), a provider of aircraft painting and aviation services, has announced the completion of a strategic financing, including its inaugural issuance of 4(a)2 private placement notes with an investment grade rating. The financing raised over US$240 million from leading infrastructure lenders, with proceeds used to refinance IAC's existing credit facilities and support the company's continued growth and global expansion. IAC's global infrastructure portfolio comprises 20 purpose-built hangars strategically located at ten airports across the United States and Europe. The company provides essential aircraft painting and other aviation services to a diverse customer base within the global aviation industry.
“The financing provides IAC with multiple strategic benefits and establishes us as an investment-grade debt issuer for the first time in our 40-year history,” said Martin O'Connell, CEO of IAC.
The investment-grade rating is supported by IAC's robust infrastructure qualities, and the bespoke common terms financing platform is tailored to meet the company's funding requirements for the foreseeable future. The financing included both term debt, comprising the five to ten-year private placement notes, and a revolving credit facility to support the ongoing growth of the business.
“The financing also provides us with substantial additional debt capacity to fund our growth plans including building new purpose-build hangars to meet our customers' needs, O'Connell continued.
IAC is developing a strong pipeline of additional expansion opportunities in both the United States and Europe to meet growing market demand for its services and address supply shortages. These assets are typically managed under long-term concessions. In 2024, IAC opened its newest facility in Teruel, Spain, under a 40-year concession granted by the local airport authority. Similarly, in April 2025, IAC announced plans to build a new wide-body hangar at Rick Husband Amarillo International Airport in Amarillo, Texas, where the company already operates five hangars. The new hangar is expected to be operational in 2026. IAC's customers include aircraft manufacturers, commercial airlines, leasing companies, air cargo carriers, governments, and other owners of wide- and narrow-body aircraft.
