Avation PLC AIRCRAFT PURCHASE AND BOND ISSUANCE (8432G)
June 01 2017 - 4:09AM
UK Regulatory
TIDMAVAP
RNS Number : 8432G
Avation PLC
01 June 2017
AVATION PLC
("Avation" or "the Company")
AIRCRAFT PURCHASE AND BOND ISSUANCE
Avation PLC (LSE: AVAP), the commercial passenger aircraft
leasing company, advises that it has priced and issued a
US$20,000,000 tranche of its 7.5% senior notes due 2020 which is a
tap of and to be consolidated into and form a single series with
the existing US$100,000,000 7.5% senior notes due 2020 which were
issued in 2015. The tranche proceeds are designated primarily for
the purchase of a new ATR72-600 aircraft in June 2017. The Company
expects that this aircraft will enter service under an operating
lease with a new airline customer in July 2017. The issuance was
made under Avation's existing US$500,000,000 Global Medium Term
Notes programme.
Details of the pricing of the issue are included below in full
in this announcement.
Avation's Executive Chairman Jeff Chatfield said: "The Company
is expected to take delivery of an additional new ATR72-600
aircraft in June 2017. The Company has recently observed
significant large scale orders for new ATR72-600 aircraft and is
pleased that the regional aircraft market segment in Asia continues
to develop with new airlines operating additional aircraft in line
with growing passenger numbers. Avation remains with a further 27
options for ATR72-600 aircraft. The reopening tap issuance was
priced at a premium at 101.25 with DBS Bank Ltd as sole bookrunner
for the transaction."
Enquiries:
Avation
Jeff Chatfield, Executive T: +65 6252 2077
Chairman
More information on Avation
PLC can be seen at: www.avation.net
Note to Editors:
Avation PLC is a passenger aircraft leasing company, owning a
fleet commercial aircraft which it leases to airlines across the
world. The Company's customers include Air France, Air Berlin, Air
India, Condor, Flybe, Fiji Airways, Thomas Cook, Virgin Australia,
UNI Air and Vietjet Air.
Full text of the tap pricing announcement:
*** AVATION US$20m TAP OF US$100m 7.5% Notes due 2020: PRICED
***
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO U.S
PERSONS (AS DEFINED IN REGULATION S ("REGULATION S") UNDER THE U.S.
SECURITIES ACT OF 1933 (THE "SECURITIES ACT")), OR IN ANY
JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY
APPLICABLE LAW.
ISSUER: Avation Capital S.A., a wholly owned subsidiary of Avation PLC.
GUARANTOR: Avation PLC
Series: 001
Tranche: 002
EXISTING NOTES: US$100,000,000 7.50 per cent. senior notes due 2020
STATUS: Senior, unsecured.
GUARANTOR'S RATINGS: BB (Egan Jones); B+ (Fitch); B+ (Standard
& Poor's); BB (Japan Credit Ratings Agency)
RATING OF NOTES: B+ (Fitch); B (Standard & Poor's)
REOPENING ISSUE SIZE: US$ 20m
COUPON: 7.5% semi-annual
MATURITY DATE: 27 May 2020
SETTLEMENT DATE: 7 Jun 2017
REOFFER PRICE: 101.25 plus an amount corresponding to accrued
interest from, and including 27 May 2017 to, but excluding 7 June
2017
ACCRUED INTEREST: Accrued interest from and including 27 May
2017 to but excluding 7 Jun 2017
INTEREST COMMENCEMENT DATE: 27 May 2017
FINANCIAL COVENANTS: As prescribed in the Offering Circular
CHANGE OF CONTROL PUT: Putable at 101% of principal plus accrued and unpaid interest
OPTIONAL REDEMPTION: Prior to 27 May 2018 - No call
On or after 27 May 2018 at Par
in each case above, plus accrued and unpaid interest
USE OF PROCEEDS: The net proceeds of issuance of Notes under the
Programme will be used by the Group for the purchase one new
aircraft in June 2017, with the balance of funds to refinance other
aircraft
PAYMENT: Semi-annual, 30/360 (fixed)
DETAILS: US$200K x 1K / English Law / Euroclear/Clearstream clearing
LISTING: SGX-ST
SOLE BOOKRUNNER: DBS Bank Ltd.
ISIN CODE: Rule 144A Notes: US05351QAA40
Regulation S Notes: USL5647NAA20
This announcement is for information only and nothing in this
announcement constitutes an offer of securities for sale, or a
solicitation of an offer to purchase securities, in the United
States or any other jurisdiction where such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This announcement
should not be distributed, directly or indirectly, in or into the
United States or in any other jurisdiction in which such
distribution is prohibited.
The securities described herein have not been, and will not be,
registered under the Securities Act or with any securities
regulatory authority of any state or other jurisdiction of the
United States, and may not be offered or sold in the United States,
or to, or for the account or benefit of, U.S. persons (as defined
in Regulation S) except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable U.S. state securities laws.
Accordingly, the Notes under this reopening issue may only be
offered and sold outside the United States to non-U.S. persons (as
defined in Regulation S) in offshore transactions in compliance
with Regulation S.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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