09 May 2019
AVOLON SUCCESSFULLY REPRICES SENIOR SECURED TERM LOAN B FACILITY TO LIBOR + 1.75%
Avolon also repays US$800 million, reducing the Facility’s balance to $2.58 billion
Dublin | 9 May, 2019:
Avolon Holdings Limited (“Avolon”), the international aircraft leasing company, announces the successful repricing of its senior secured Term Loan B Facility (the “Facility”). The Facility, which has a maturity date of January 2025, has been repriced at LIBOR plus 1.75% with a LIBOR floor of 0.75%, subject to an Original Issue Discount (OID) of 99.875. In conjunction with this repricing, Avolon also repaid US$800 million of the Facility, bringing the current outstanding balance to $2.58 billion.
Andy Cronin, Avolon Chief Financial Officer, commented: “Following our recent milestone of achieving investment grade, we have successfully repriced our Term Loan B Facility and repaid US$800 million of the Facility. In a little over two years, we have repaid nearly US$3 billion – more than half the original size of the Facility. This further reduction of secured debt in our capital structure reflects our ongoing commitment to transition towards an unsecured capital structure, which in turn will further enhance our unencumbered asset and risk profile.
Additionally, the investor appetite in our recent US$2.5 billion investment grade senior unsecured offering, which was upsized from an initial launch size of US$1.8 billion, reflecting institutional investors’ demand, and today’s repricing of our Term Loan B Facility, reflects the quality of our portfolio and the market’s confidence in the outlook for our business.”
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