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Singapore’s Avation extends tender offer for 2026 notes to Jan. 26
By Mary-Katherine Stinson
Lexington, Ky., Dec. 15 – Avation plc announced that Avation Capital SA again extended the early participation date and expiration date of its offer to purchase its 9%/8¼% senior PIK toggle notes maturing Oct. 31, 2026 for up to $60 million of total cash consideration, according to a notice.
The early participation date and expiration date have now both been extended to 11:59 p.m. ET on Jan. 26. Previous extensions have pushed the expiration to Dec. 15 and Dec. 1. It was originally Nov. 17.
The withdrawal deadline has passed. It expired on Nov. 1 and was not extended.
The offer was launched Oct. 19.
The tender offer remains subject to certain conditions, including a financing condition. The company stated in the notice that in order to pursue financings it expects to extend the expiration date further, possibly for up to 12 months following the initial Nov. 17 expiration date. There is no planned extension for the withdrawal date.
As previously reported, the total consideration will be determined under a modified Dutch auction and will be within the range of $710 to $810 per $1,000 principal amount. The total consideration includes the extended early participation amount of $50 for each $1,000 principal amount.
The notes were originally issued under the company’s $1 billion global medium-term note program and guaranteed by Avation plc and Avation Group (S) Pte. Ltd. There is $355,605,435 aggregate principal amount of the notes outstanding.
Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) is acting as the dealer manager.
Global Bondholder Services Corp. (212 430-3774, 855 654-2015, contact@gbsc-usa.com) is the information agent and tender agent.
Avation is an aircraft leasing company based in Singapore.
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