Avolon launches $3.38 billion term B-3 at Libor plus 150-175 bps

By Sara Rosenberg

New York, April 30 – Avolon launched on Tuesday its $3,381,768,173 term loan B-3 due Jan. 15, 2025 with price talk of Libor plus 150 basis points to 175 bps with a 0.75% Libor floor and an original issue discount of 99.75 to 99.875, according to a market source.

The term loan B-3 has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B-3 down from Libor plus 200 bps with a 0.75% Libor floor.

Avolon is an Ireland-based provider of aircraft leasing and lease management services.

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