Avolon launches $750 million term loan B-4 at Libor plus 150 bps

By Sara Rosenberg

New York, Feb. 3 – Avolon held a lender call at 10:30 a.m. ET on Monday to launch a $750 million seven-year first-lien term loan B-4 that is talked at Libor plus 150 basis points with a 0.75% Libor floor and an original issue discount of 99.75, according to a market source.

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

Expected term loan ratings are Baa2/BBB-.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

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

Proceeds will be used to partially refinance an existing term loan B-3 to pay related fees and expenses.

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

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