NAC Aviation 29 tenders for $80 million 4.75% notes, term loan B

By Wendy Van Sickle

Columbus, Ohio, July 25 – NAC Aviation 29 DAC began a tender offer to purchase up to $80 million face value of its 4.75% senior secured notes due June 30, 2026 under a modified Dutch auction at a bid price range from $875 to $905 per $1,000 principal amount, according to a news release.

Holders who validly tender their notes by 5 p.m. ET on Aug. 7 will be eligible to receive the total consideration, which includes an early tender premium of $30 per $1,000 of notes. Holders will also receive accrued interest to the relevant settlement date.

The total consideration will be the clearing price, which will be the lowest bid price that will enable the issuer to purchase an amount of notes equal to the tender cap.

The offer will expire at 5 p.m. ET on Aug. 22.

Concurrently with the notes offer, the company is seeking to purchase, by way of assignment from lenders, loans under its term loan B credit agreement dated June 1, 2022 with Wilmington Trust (London) Ltd. as agent on substantially the same economic terms as the notes offer.

Global Bondholder Services Corp. (855 654-2014 or 212 430-3774) is the tender agent and information agent for the notes offer.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) is the dealer manager for the notes offer and purchase agent for the term loan B offer.

The issuer is affiliated with aircraft leasing company Nordic Aviation Capital. The firm is based in Ireland and has offices also in Singapore, Denmark, Toronto and Beijing.

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