Avolon launches $4.96 billion term loan B-3 at Libor plus 175 bps

By Sara Rosenberg

New York, April 30 – Avolon held a lender call at noon ET on Monday to launch a $4,962,500,000 senior secured term loan B-3 due Jan. 15, 2025 that is talked at Libor plus 175 basis points with a 0.75% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan B-3 has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Financial covenants include maximum loan-to-value, maximum average age of aircraft and collateral concentration ratios.

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

Proceeds will be used to extend and reprice the company’s existing term loan B-2.

Commitments/consents are due at 5 p.m. ET on Thursday, the source added.

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

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