AWAS Aviation firms spread on term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, June 3 - AWAS Aviation Capital Ltd. set pricing on its roughly $500 million term loan B at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

As before, the loan has a 1.25% Libor floor, a par offer price and call protection of 102 in year one and 101 in year two.

Proceeds on the well oversubscribed deal will be used to reprice the existing B loan from Libor plus 575 bps with a 2% Libor floor. The debt 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.

Allocations are expected to go out during the week of June 6.

AWAS is a Dublin-based aircraft leasing company.

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