Published on 9/6/2018 in the Prospect News High Yield Daily.
New Issue: Avolon sells upsized $1 billion five-year notes at par to yield 5 1/8%
By Paul A. Harris
Portland, Ore., Sept. 6 – Avolon Holdings Ltd. priced an upsized $1 billion issue of five-year senior bullet notes (Ba3/BB) at par to yield 5 1/8% on Thursday, according to market sources.
The issue size increased from $750 million.
The yield printed in the middle of yield talk in the 5 1/8% area and at the tight end of initial guidance in the 5¼% area.
J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Barclays, Credit Agricole CIB, Fifth Third Bank, Morgan Stanley & Co. LLC, Natixis, SG CIB and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
The Ireland-based provider of aircraft leasing and lease management services plans to use the proceeds to refinance existing secured debt and for general corporate purposes.
| Issuer: | Avolon Holdings Funding Ltd.
|
| Amount: | $1 billion, increased from $750 million
|
| Maturity: | Oct. 1, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Barclays, Credit Agricole CIB, Fifth Third Bank, Morgan Stanley & Co. LLC, Natixis, SG CIB, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 238 bps
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5 1/8% area
|
| Marketing: | Quick to market
|
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