Aircraft lessor Avolon announced the pricing of a private offering by its wholly owned subsidiary, Avolon Holdings Funding Limited, for a principal aggregate amount of US$400 million of 6.375% senior unsecured notes due 2028. The Notes were priced at 100.296% of par value (a yield of 6.295%), plus accrued interest from November 4, 2023.
The Notes will be issued as additional notes under the indenture, dated May 4, 2023, pursuant to which Avolon Holdings Funding Limited issued $750 million aggregate principal amount of 6.375% senior unsecured notes due 2028. The Notes will be treated as a single series of securities with the Initial Notes under the Indenture and are expected to have the same CUSIP number as, and be fungible with, the Initial Notes; except that the Notes sold pursuant to Regulation S under the U.S. Securities Act of 1933, as amended, will initially be subject to restrictions on transfer and will trade separately until at least 40 days after the issue date of the Notes.
The Notes will be fully and unconditionally guaranteed by Avolon, and by certain of its subsidiaries.
The Offering is expected to close on or about 8 December 2023, subject to customary closing conditions. Net proceeds from the Offering will be used for general corporate purposes, which may include the future repayment of outstanding indebtedness.
The Notes will not be registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to qualified institutional buyers under Rule 144A of the Securities Act and outside the United States under Regulation S of the Securities Act.
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