Avolon reducing term loan B-1 to $368.8 million with repricing

By Sara Rosenberg

New York, Nov. 15 – Avolon’s repriced senior secured term loan B-1 due Sept. 30, 2020 will be sized at $368,750,000 due to a $130 million paydown that will reduce the tranche from $498,750,000, according to a market source.

As before, the loan is priced at Libor plus 175 basis points with a 0% Libor floor and a par issue price.

The term loan has 101 soft call protection for six months, amortization of 1% per annum, and maximum loan-to-value, maximum average age of aircraft and collateral concentration financial covenants.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan B-1 down from Libor plus 225 bps with a 0% Libor floor.

Closing is expected on Friday, the source added.

Avolon is an Ireland-based provider of aircraft leasing and lease management services.

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