By Paul A. Harris
Portland, Ore., Nov. 15 – Avation plc priced a $50 million add-on to its 6½% senior notes due May 15, 2021 (B+/BB-) at 99.75 to yield 6.61% in a quick-to-market Thursday trade, according to an informed source.
The reoffer price came on top of price talk.
Wells Fargo Securities LLC was the left bookrunner. Morgan Stanley & Co. LLC was the joint bookrunner.
The Singapore-based aircraft lessor plans to initially use the proceeds to repay certain debt before redeploying the capital for purposes of growth.
| Issuer: | Avation plc
|
| Amount: | $50 million
|
| Maturity: | May 15, 2021
|
| Security description: | Add-on to 6½% senior notes due May 15, 2021
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunner: | Morgan Stanley & Co. LLC
|
| Coupon: | 6½%
|
| Price: | 99.75
|
| Yield: | 6.61%
|
| Spread: | 371 bps
|
| First call: | May 15, 2020 at 103.25
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 19
|
| Ratings: | S&P: B+
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 99.75
|
| Marketing: | Quick to market
|
| Original issue: | $300 million priced at par on May 3, 2018
|
| Fungibility: | Rule 144A add-on notes to become immediately fungible with original notes; Regulation S add-on notes to become fungible with original notes following a 40-day cooling period
|
| Total issue size: | $350 million
|
© 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.
