New Bond Issue – Gmtn Programme
Avation PLC has announced the establishment of a new US$1,000,000,000 Global Medium Term Note Programme (GMTN Programme). Under this programme, Avation Group (S) Pte. Ltd., with a guarantee from Avation PLC, is proposing to issue $300 million in senior notes due in 2031, structured as 5.5NC2 with the first call at Par plus 50% of the coupon. The minimum denominations for the notes will be $200,000 with increments of $1,000, and the initial price talk (IPT) is in the low-mid 8%s. The proceeds from this issuance will be used to refinance existing Senior Notes due 2026 and to cover transaction-related fees and expenses. Pricing is expected on Thursday, October 23rd.
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Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company advises that further to its announcement today regarding the establishment of a new US$1,000,000,000 Global Medium Term Note Programme ("GMTN Programme"), it is proposing the issue of notes under the GMTN Programme as follows:
| Issuer | Avation Group (S) Pte. Ltd. |
| Guarantor | Avation PLC |
| Face Amount | $300 million |
| Security | Senior Notes due 2031 |
| Structure | 5.5NC2 (1st call @ Par + 50% of coupon) |
| Minimum Denoms | $200,000 x $1,000 |
| Distribution | 144A / Reg S for Life |
| Initial Price Talk (IPT) | Low-Mid 8%s |
| Business Description | Avation PLC (LSE: AVAP, "Avation" or the "Company") is an aircraft leasing group managing a fleet of 33 commercial aircraft, including turboprop, widebody and narrowbody styles. Avation leases its fleet to 16 airline customers in 14 countries across Europe and Asia |
| Use Of Proceeds | To refinance its existing Senior Notes due 2026 and pay transaction related fees and expenses |
| Settlement | T+10 |
| Joint Lead Managers | WFS (B&D) / HSBC |
| Managers | Deutsche Bank / MUFG / Crédit Agricole CIB / Zeus Capital / Imperial Capital / Pareto Securities |
| Timing | Pricing Thursday, October 23 rd |
| Investor Call | Today, October 21, at 11:00 AM ET |
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