Avation to price $50 million tap of 6½% notes due 2021 on Thursday

By Paul A. Harris

Portland, Ore., Nov. 15 – Avation plc plans to price a $50 million add-on to its 6½% senior notes due May 15, 2021 (expected ratings B+/BB-) in a quick-to-market Thursday trade following a late-morning conference call with investors, according to an informed source.

Wells Fargo Securities LLC is the left bookrunner for the Rule 144A and Regulation S for life offering. Morgan Stanley & Co. LLC is the joint bookrunner.

The notes become callable May 15, 2020 at 103.25.

The Singapore-based aircraft lessor plans to initially use the proceeds to repay certain debt before redeploying the capital for purposes of growth.

The original $300 million issue priced at par on May 3, 2018.

The Rule 144A add-on notes will become immediately fungible with the original notes. The Regulation S add-on notes will become fungible with the original notes following a 40-day cooling period.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.