11 Apr 2019
Launch of Senior Unsecured Notes Offering; Fitch, Moody’s and S&P Global Announce Intention to Upgrade Avolon to Investment Grade
Dublin | 11 April, 2019: Avolon Holdings Limited (“Avolon”), the international aircraft leasing company, announces the launch of a private offering by its wholly owned subsidiary, Avolon Holdings Funding Limited, of US$1.8 billion aggregate principal amount of Senior Unsecured Notes (the “Notes”) (the “Offering”) subject to market and other conditions.
Proceeds from the Offering will be used for general corporate purposes and the repayment of outstanding legacy secured debt, consistent with a commitment to reduce the level of secured debt in Avolon’s capital structure to 30% of total assets.
Fitch Ratings (“Fitch”), Moody’s Investors Service (“Moody's”) and S&P Global Ratings (“S&P Global”) announced their intention, on successful completion of the Offering, to upgrade Avolon’s issuer and senior unsecured debt ratings to investment grade (BBB-, Baa3 and BBB- respectively).
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any offering of securities to be made in the United States would be made by means of an offering memorandum that may be obtained by qualified institutional buyers under Rule 144A of the Securities Act and non-US persons (within the meaning of Regulation S under the Securities Act of 1933) from the issuer and will contain detailed information about Avolon and management, as well as financial statements. Avolon does not intend to register any part of the offering in the United States. Any securities that may be offered by Avolon have not been and will not be registered under the Securities Act of 1933 and there shall not be any offering or sale of securities in the United States absent registration or an exemption from registration.
Additionally, this press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Note Regarding Forward-Looking Statements
This press release includes forward-looking statements, beliefs or opinions, including statements with respect to Avolon’s business, financial condition, results of operations and plans. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on our management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe,” “expects,” “may,” “will,” “could,” “should,” “shall,” “risk,” “intends,” “estimates,” “aims,” “plans,” “predicts,” “continues,” “assumes,” “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. Forward-looking statements may and often do differ materially from actual results. No assurance can be given that such future results will be achieved, that any private placement of senior unsecured notes will occur. Avolon does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.
For Further Information Please Contact
Head of Communications and Branding
+353 1 556 4429
Ross O' Connor
Head of Investor Relations
+353 1 231 5818
+353 1 765 0886