By Paul A. Harris
Portland, Ore., May 3 – Singapore’s Avation plc priced a $300 million issue of three-year senior notes (B/BB-) at par to yield 6½% on Thursday, according to market sources.
The yield printed at the wide end of the 6¼% to 6½% yield talk and in the middle of initial talk in the 6½% area.
Wells Fargo Securities LLC was the left bookrunner. BOC International and Goldman Sachs & Co. were the joint bookrunners.
The aircraft lessor plans to use the proceeds to refinance its 7½% senior notes due 2020 and repay certain junior and senior secured loans.
| Issuer: | Avation Capital SA
|
| Amount: | $300 million
|
| Maturity: | May 15, 2021
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BOC International, Goldman Sachs & Co.
|
| Co-manager: | RW Pressprich
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 388 bps
|
| First call: | May 15, 2020 at 103.25
|
| Trade date: | May 3
|
| Settlement date: | May 9
|
| Ratings: | S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Roadshow
|
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