By Paul A. Harris
Portland, Ore., March 1 – Avolon Holdings Ltd. priced a $500 million issue of five-year senior bullet notes (Ba3/BB/BB) at par to yield 5½% in a Thursday drive-by, according to market sources.
The yield printed in the middle of both yield talk and initial price talk in the 5½% area.
Morgan Stanley & Co. and J.P. Morgan Securities LLC were the lead bookrunners. Barclays, BNP Paribas, Credit Agricole CIB, SunTrust Robinson Humphrey Inc. and UBS Investment Bank were the joint bookrunners.
The Ireland-based provider of aircraft leasing and lease management services plans to use the proceeds for general corporate purposes, which may include future debt repayment.
| Issuer: | Avolon Holdings Funding Ltd.
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2023
|
| Securities: | Senior notes
|
| Lead bookrunners: | Morgan Stanley & Co. and J.P. Morgan Securities LLC
|
| Joint bookrunners: | Barclays, BNP Paribas, Credit Agricole CIB, SunTrust Robinson Humphrey Inc., UBS Investment Bank
|
| Co-manager: | Fifth Third
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 292 bps
|
| Call protection: | Non-callable
|
| Trade date: | March 1
|
| Settlement date: | March 12
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% area
|
| Marketing: | Quick to market
|
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