Avation to sell $150 million five-year notes middle of May 4 week

By Paul Deckelman

New York, April 30 – Avation plc will sell $150 million of five-year notes, high-yield syndicate sources said Thursday, with pricing expected May 6 or May 7.

The notes will have three years of call protection and will be brought to market via co-lead underwriters Seaport Global Securities LLC and R.W. Pressprich & Co.

The Development Bank of Singapore will also be a part of the underwriting group.

Avation – a London-based international commercial aircraft leasing firm – has extensive operations in that Asian nation.

On Monday, Avation separately announced plans to issue debt under a global medium-term note program in various tranches up to $500 million, subject to market conditions.

Avation said that it is turning to a MTN program “to create a more efficient and flexible capital structure for the company and allow the company to potentially be less reliant on equity issuance when considering the financing of new aircraft and the acquisition of leased aircraft.”

Any notes offered would not be subject to registration requirements in the United States.

Avation plans to arrange its financings through U.S.-based financial firms R.W. Pressprich and Seaport Global Securities and British financial firm W.H. Ireland Ltd.

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