AWAS Aviation seeks $350 million term loan led by Aviation Finance

By Sara Rosenberg

New York, July 28 – AWAS Aviation Capital Ltd. is marketing a $350 million seven-year term loan (BBB) that has a coupon of 250 basis points over 5.6 year swaps, according to a market source.

Aviation Finance Corp. is the lead arranger and sole bookrunner on the deal. Co-arrangers are Goldman Sachs, Wells Fargo and Credit Agricole, and BNP Paribas is a manager.

Call protection on the loan is make-whole plus 50 bps.

Amortization is 1.5% per quarter resulting in a balloon of 59.5%, the source said.

Proceeds will be used to back the acquisition of 10 aircraft.

The current base value of the aircraft is estimated at $444.2 million, and the $350 million financing represents a loan to value of 78.8%.

Net debt to equity is 2.14 times, the source added.

AWAS is a Dublin-based aircraft leasing company.

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