By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 14 – Avolon Holdings Ltd. subsidiary Avolon Holdings Funding Ltd. (Baa3/BBB-/BBB-) offered further details, including the spread, about a $1.5 billion two-part Rule 144A and Regulation S offering of senior notes that priced on Wednesday, according to a market source.
The company sold $750 million of 2.125% notes due Feb. 21, 2026, which had a spread of Treasuries plus 190 basis points, and $750 million of 2.75% notes due Feb. 21, 2028, with a spread of Treasuries plus 215 bps.
The 2026 notes were talked in the Treasuries plus 230 bps area, and the 2028 notes were talked in the Treasuries plus 255 bps area.
Barclays, J.P. Morgan Securities LLC, Natixis Securities Americas LLC, SG Americas Securities, LLC and Wells Fargo Securities LLC were the bookrunners.
The notes are fully and unconditionally guaranteed by the parent company and certain subsidiaries.
Proceeds will be used for general corporate purposes, including repayment of existing debt.
The aircraft leasing company is based in Dublin.
| Issuer: | Avolon Holdings Funding Ltd.
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| Guarantors: | Avolon Holdings Ltd. and certain subsidiaries
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| Amount: | $1.5 billion
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| Description: | Senior notes
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| Bookrunners: | Barclays, J.P. Morgan Securities LLC, Natixis Securities Americas LLC, SG Americas Securities, LLC and Wells Fargo Securities LLC
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| Trade date: | Jan. 13
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| Settlement date: | Jan. 21
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | Rule 144A and Regulation S
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|
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| Notes due 2026
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| Amount: | $750 million
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| Maturity: | Feb. 21, 2026
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| Coupon: | 2.125%
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| Spread: | Treasuries plus 190 bps
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| Price guidance: | Treasuries plus 230 bps area
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|
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| Notes due 2028
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| Amount: | $750 million
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| Maturity: | Feb. 21, 2028
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| Coupon: | 2.75%
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| Spread: | Treasuries plus 215 bps
|
| Price guidance: | Treasuries plus 255 bps area
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