Avolon finalizes $3.38 billion term loan B-3 at Libor plus 175 bps

By Sara Rosenberg

New York, May 3 – Avolon firmed pricing on its $3,381,768,173 term loan B-3 due Jan. 15, 2025 at Libor plus 175 basis points, the high end of the Libor plus 150 bps to 175 bps talk, according to a market source.

In addition, the original issue discount on the term loan was set at 99.875, the tight end of the 99.75 to 99.875 talk, the source said.

The term loan B-3 still has a 0.75% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

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

Recommitments/consents were scheduled to be due at 3 p.m. ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B-3 down from Libor plus 200 bps with a 0.75% Libor floor.

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

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