By Cristal Cody
Tupelo, Miss., Nov. 16 – Avolon Holdings Funding Ltd. (Baa3/BBB-/BBB-) priced $1 billion of 4.25% guaranteed senior notes due April 15, 2026 on Monday at a spread of Treasuries plus 385 basis points, according to a market source and news release.
Price guidance was at the Treasuries plus 400 bps area, plus or minus 12.5 bps.
Initial price talk was in the Treasuries plus 437.5 bps to 450 bps area.
Barclays, Deutsche Bank Securities Inc., Natixis Securities Americas LLC, SG Americas Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The notes are fully and unconditionally guaranteed by parent company Avolon Holdings Ltd. and certain subsidiaries.
Proceeds will be used to fund cash tender offers by Avolon Holdings Funding and Park Aerospace Holdings Ltd. and for general corporate purposes.
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 billion
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| Maturity: | April 15, 2026
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| Description: | Senior notes
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| Bookrunners: | Barclays, Deutsche Bank Securities Inc., Natixis Securities Americas LLC, SG Americas Securities LLC and Wells Fargo Securities LLC
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| Coupon: | 4.25%
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| Spread: | Treasuries plus 385 bps
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| Trade date: | Nov. 16
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| Settlement date: | Nov. 23
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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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| Price guidance: | Treasuries plus 400 bps area, plus or minus 12.5 bps; initial talk at Treasuries plus 437.5 bps-450 bps area
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