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Avolon increases first-lien term loan B-4 amount to $850 million
By Sara Rosenberg
New York, Feb. 6 – Avolon upsized its seven-year first-lien term loan B-4 to $850 million from $750 million, according to a market source.
Pricing on the term loan B-4 remained at Libor plus 150 basis points with a 0.75% Libor floor and an original issue discount of 99.75.
The term loan has 101 soft call protection for six months and amortization of 1% per annum.
Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.
Recommitments were scheduled to be due at 2 p.m. ET on Thursday, the source said.
Proceeds will be used with $300 million of cash on hand to repay $1.15 billion of term loan B-3 borrowings.
Avolon is an Ireland-based provider of aircraft leasing and lease management services.
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