AWAS Aviation seeks to reprice term loan B at Libor plus 400-425 bps

By Sara Rosenberg

New York, May 26 - AWAS Aviation Capital Ltd. is looking to reprice its roughly $500 million term loan B at Libor plus 400 basis points to 425 bps with a 1.25% Libor floor, according to a market source.

The repriced term loan B is being offered at par and includes call protection of 102 in year one and 101 in year two, the source said.

By comparison, current pricing on the loan is Libor plus 575 bps with a 2% Libor floor, and it was sold at an original issue discount of 97 when it was obtained in 2010.

Existing lenders are being paid out at 102 due to call protection.

Goldman Sachs & Co. and Morgan Stanley & Co. Inc. are the lead banks on the deal that launched with a call this past Tuesday.

Commitments are due on June 2.

AWAS is a Dublin-based aircraft leasing company.

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