Fitch rates Aviation Capital notes BBB-

Fitch Ratings said it assigned a BBB- rating to Aviation Capital Group Corp.'s $750 million senior unsecured notes due April 2021.

The company's BBB- issuer default rating and stable outlook are unaffected.

The proceeds will be used for general corporate purposes.

The notes will rank equally with existing and future unsecured senior indebtedness.

Key covenants on the notes include a change of control provision and maintaining consolidated unencumbered assets at a minimum of 125% of consolidated unsecured debt, Fitch said, and a minimum consolidated net worth of at least $700 million.

The noteholders have a repurchase right in the event of a change of control that results in the downgrade of the company's rating to below investment grade, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.