New Issue: AWAS Aviation prices $600 million split-rated six-year notes at par to yield 7%

By Paul A. Harris

St. Louis, Oct. 1 - AWAS Aviation Capital Ltd. priced a $600 million issue of split-rated six-year senior secured notes (Ba2/BBB-) at par to yield 7% on Friday, according to an informed source.

The yield printed at the wide end of the 6¾% to 7% price talk.

Goldman Sachs was the left active bookrunner. Morgan Stanley was the joint active bookrunner. Deutsche Bank Securities was the passive bookrunner.

The Dublin, Ireland-based aircraft leasing company will use the proceeds to repay debt, to finance the purchase of new aircraft and for general corporate purposes.

Issuer:	AWAS Aviation Capital Ltd.
Amount:	$600 million
Maturity:	Oct. 15, 2016
Securities:	Senior secured notes
Left bookrunner:	Goldman Sachs
Joint active bookrunner:	Morgan Stanley
Passive bookrunner:	Deutsche Bank Securities
Co-manager:	Credit Agricole CIB
Coupon:	7%
Price:	Par
Yield:	7%
Call features:	Callable on Oct. 15, 2013 at 103.50, 101.75, par on after Oct. 15, 2015
Trade date:	Oct. 1
Settlement date:	Oct. 18
Ratings:	Moody's: Ba2
	Standard & Poor's: BBB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	6¾% to 7%
Marketing:	Roadshow

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