Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Avolon Holdings Ltd. > News item |
Avolon launches $498.75 million term loan B-1 at Libor plus 175 bps
By Sara Rosenberg
New York, Nov. 9 – Avolon launched on Thursday a $498,750,000 senior secured term loan B-1 (Ba1/BBB-) due Sept. 30, 2020 that is talked at Libor plus 175 basis points with a 0% Libor floor and a par issue price, 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.
Financial covenants include maximum loan-to-value ratio, maximum average age of aircraft and collateral concentration ratios.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan B-1 down from Libor plus 225 bps with a 0% Libor floor.
Commitments/consents are due at noon ET on Wednesday, the source added.
Avolon is an Ireland-based provider of aircraft leasing and lease management services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.