Avolon launches $1.43 billion term loan B at SOFR plus 250 bps

By Sara Rosenberg

New York, June 5 – Avolon held a lender call at 11 a.m. ET on Monday to launch a $1,431,768,173.13 senior secured covenant-lite first-lien term loan B-6 due June 2028 that is talked at SOFR plus 250 basis points with a 0.5% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to amend and extend an existing $1,431,768,173.13 term loan B-3 due January 2025 that is priced at Libor plus 175 bps.

Avolon is a Dublin-based aircraft lessor.

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