By Cristal Cody
Tupelo, Miss., Jan. 10 – Avolon Holdings Ltd. subsidiary Avolon Holdings Funding Ltd. (Baa3/BBB-/BBB-) gave additional details of its $1.75 billion two-part sale of senior notes on Thursday, according to a market source and news release.
A $1.1 billion tranche of 2.875% notes due Feb. 15, 2025 priced at a spread of Treasuries plus 125 basis points, compared to initial talk in the 150 bps over Treasuries spread area.
The company sold $650 million of 3.25% notes due Feb. 15, 2027 with a Treasuries plus 150 bps spread.
Initial price talk was in the Treasuries plus 180 bps area.
Barclays, J.P. Morgan Securities LLC, Natixis, SG Americas Securities, LLC and Wells Fargo Securities LLC were the bookrunners.
The notes are fully and unconditionally guaranteed by the parent company and certain subsidiaries.
Avolon held fixed income investor calls on Wednesday for the Rule 144A and Regulation S offering.
Proceeds will be used for general corporate purposes.
The aircraft leasing company is based in Dublin.
| Issuer: | Avolon Holdings Funding Ltd.
|
| Guarantors: | Avolon Holdings Ltd. and certain subsidiaries
|
| Amount: | $1.75 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC, Natixis, SG Americas Securities, LLC and Wells Fargo Securities LLC
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Fixed income investor calls
|
|
|
| Five-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | Feb. 15, 2025
|
| Coupon: | 2.875%
|
| Spread: | Treasuries plus 125 bps
|
| Price guidance: | Treasuries plus 150 bps area
|
|
|
| Seven-year notes
|
| Amount: | $650 million
|
| Maturity: | Feb. 15, 2027
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 180 bps area
|
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