Avolon Successfully Reduces Price of US$850 Million of Senior Secured Term Loan B Facility
Avolon Holdings limited (“Avolon”), the worldwide aircraft leasing company, announces the a success re-pricing of us$850 million of its senior secured US$2.58 billion term loan B facility (the “Facility”).
Avolon has repriced the united states$850 million tranche at LIBOR plus 1.50% and is situation to an authentic trouble bargain (OID) of 99.75. The maturity of this US$850 million tranche has been extended to 2027. in conjunction with this repricing, Avolon has additionally repaid US$three hundred million of the original Facility, lowering the terrific stability to US$2.28 billion.
The outstanding stability of the facility has a maturity date of January 2025 and changed into repriced at LIBOR plus 1.seventy five% with a LIBOR ground of zero.seventy five% in Q2 2019.
Andy Cronin, Avolon leader financial Officer, commented: “This a success repricing is every other step in reducing Avolon’s value of finances. The repricing at LIBOR plus 1.50% represents a new area low for a term loan B Facility. we've now decreased the overall length of the power through over US$three billion, supporting our objective of increasing unencumbered property within our capital shape and securing this interest margin on the loan – one of the lowest in the term loan B market – highlights the level of investor self assurance in our commercial enterprise.”
Avolon will issue 2019 full year results next Wednesday, 12 February.
News Source https://newsroom.aviator.aero/