Avolon readies launch of $672 million term loan B-5 for Tuesday

By Sara Rosenberg

New York, July 26 – Avolon is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a $672 million term loan B-5 due December 2027, according to a market source.

Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Natixis, BNP Paribas Securities Corp. and Truist are the bookrunners on the deal. Morgan Stanley is the administrative agent.

Price talk on the term loan is Libor plus 225 basis points with a 0.5% Libor floor and a par issue price, the source said.

The term loan is getting 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan B-5 down from Libor plus 250 bps with a 0.75% Libor floor.

Commitments are due from existing lenders by noon ET on Thursday and from new lenders by noon ET on Friday, the source added.

Avolon is a Dublin-based aircraft lessor.

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