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Moody’s rates Avolon notes Ba3
Moody's Investors Service said it assigned a Ba3 rating to the proposed $500 million senior unsecured notes due 2023 issued by Avolon Holdings Funding Ltd., a funding subsidiary of aircraft leasing company Avolon Holdings Ltd.
The outlook is stable.
Moody's said it rated the senior notes based on the consolidated credit profile of parent and guarantor Avolon (Ba2 stable), the notes' relative priority and proportion in Avolon's capital structure, as well as the strength of the notes' asset coverage.
“The terms of the new notes reflect recent amendments to Avolon's bond indentures to include a mandatory redemption covenant that limits related party advances and shareholder distributions under certain circumstances and a revised guarantee structure that results in senior notes issued by Avolon's subsidiaries being pari passu,” the agency said in a news release.
Proceeds will be used for general corporate purposes, which may include debt repayment.
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