Avolon also repays US$800 million, reducing the Facility’s balance to
$2.58 billion
DUBLIN–(BUSINESS WIRE)–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.”
ENDS
About Avolon
Headquartered in Ireland, with offices in the United States, Dubai,
Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and
lease management services. Avolon is 70% owned by an indirect subsidiary
of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen
Stock Exchange (SLE: 000415) and 30% owned by ORIX Aviation Systems, a
subsidiary of ORIX Corporation, which is listed on the Tokyo and New
York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is the world’s third
largest aircraft leasing business with an owned, managed and committed
fleet, as of 31 March 2019 of 951 aircraft.
Website: www.avolon.aero
Twitter: @avolon_aero
Note Regarding Forward-Looking Statements
This document 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 following the
investor calls or, regardless of whether a private placement of senior
unsecured notes is consummated, that any ratings agencies will upgrade
Avolon to investment grade. 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.
Contacts
Ross O’Connor
Head of Investor Relations
[email protected]
T:
+353 1 231 5818
Emmet Moloney
Head of Communication
[email protected]
T:
+353 1 556 4429
Jonathan Neilan
FTI Consulting
[email protected]
M:
+353 86 231 4135
