Singapore’s Avation extends tender offer for 2026 notes to Feb. 17

By Mary-Katherine Stinson

Lexington, Ky., Feb. 10 – Avation plc announced that Avation Capital SA extended the early participation date and the expiration date of its offer to purchase its 9%/8¼% senior PIK toggle notes maturing Oct. 31, 2026, according to a notice.

The offer has been amended to extend the early participation date and the expiration date to 11:59 p.m. ET on Feb. 17. The early participation date and expiration date of the offer have previously been extended to 11:59 p.m. ET on Feb. 9 and Jan. 26.

Previous extensions pushed the expiration to Dec. 15 and Dec. 1. It was originally Nov. 17.

As previously reported, the withdrawal deadline has passed. It expired on Nov. 1 and was not extended.

The long stop date remains Aug. 9.

All other aspects of the offer remain unchanged.

Previous amendments to the offer had increased the tender cap to up to $100 million and set the total consideration at a fixed price that sweetens the deal from the original proposed range of the modified Dutch auction.

Finally, the total consideration is set at a fixed price of $860 for each $1,000 principal amount of notes validly tendered. There is no change to the early participation amount of $50 for each $1,000 principal amount, which is included in the total consideration.

Previously, the amount was to be determined by a modified Dutch auction to be within the range of $710 to $810 per $1,000 principal amount.

The offer was launched Oct. 19.

The tender offer remains subject to certain conditions, including a financing condition. The company reaffirmed in the notice that to pursue financings it expects to extend the expiration date further, possibly for up to 12 months following the initial Nov. 17 expiration date. There is no planned extension for the withdrawal date.

The notes were originally issued under the company’s $1 billion global medium-term note program and guaranteed by Avation plc and Avation Group (S) Pte. Ltd. There is $355,605,435 aggregate principal amount of the notes outstanding.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) is acting as the dealer manager.

Global Bondholder Services Corp. (212 430-3774, 855 654-2015, contact@gbsc-usa.com) is the information agent and tender agent.

Avation is an aircraft leasing company based in Singapore.

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