Avation PLC PRICING OF 6.5% SENIOR NOTES DUE 2021 (1026N)
May 04 2018 - 1:00AM
UK Regulatory
TIDMAVAP
RNS Number : 1026N
Avation PLC
03 May 2018
AVATION PLC
("AVAP" or "the Company")
PRICING OF 6.5% SENIOR NOTES DUE 2021
Avation PLC (AVAP: LSE), the commercial passenger aircraft
leasing company announces today the successful pricing and full
subscription of its offering of US$300 million aggregate principal
amount of its 6.5% senior notes due 2021 (the "Notes") under the
Company's global medium term note program ("GMTN Programme").
The Notes will be issued by Avation Capital S.A., a wholly owned
subsidiary of the Company, and be guaranteed by AVAP. Closing and
funding are expected to take place on or about May 9, 2018, subject
to customary conditions precedent for similar transactions. The
Company intends to use the net proceeds of the offering to call and
repay US$150 million of 7.5% senior notes due 2020 and to repay
certain senior and junior secured loans.
The Notes will be listed on the SGX-ST and will be rated B by
S&P Global Ratings and BB- by Fitch Ratings
Wells Fargo Securities, LLC along with BOC International and
Goldman Sachs (Asia) L.L.C. acted as bookrunners with R.W.
Pressprich & Co., as co-manager to the issue.
Jeff Chatfield, Executive Chairman, said: "We are pleased to
have priced the Series Two Notes issue under our GMTN Programme,
amid strong demand. We also note the improved credit rating for the
Notes from Fitch of BB- and improved corporate credit rating from
Standard & Poor's of B (positive outlook), both of which have
been published recently. We believe this issue is an important step
in the evolution of the Company's capital structure, which provides
immediately improved overall borrowing costs and a longer duration
for unsecured corporate bonds."
* * *
This announcement is for information purposes only and does not
constitute an invitation or offer to acquire purchase or subscribe
for any securities.
This announcement is not for distribution, directly or
indirectly, in or into the United States. This announcement does
not constitute or form a part of any offer or solicitation to
purchase or subscribe for securities in the United States. The
Notes mentioned in this announcement have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "Securities Act") and may not be offered or sold in
the United States except pursuant to registration or an exemption
from the registration requirements of the Securities Act. No public
offering of the Notes will be made in the United States.
Within the United Kingdom, this announcement is directed only at
persons having professional experience in matters relating to
investments who fall within the definition of "investment
professionals" in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005. The investment
or investment activity to which this announcement relates is only
available to and will only be engaged in with persons to whom it
may lawfully be communicated (all such persons together being
referred to as "relevant persons") and person who receive this
announcement who are not relevant persons should not rely or act
upon it.
The Notes will be offered pursuant to exemptions invoked under
Sections 274, 275 and/or any other applicable provision of the
Securities and Futures Act, Chapter 289 of Singapore.
This press release shall not be considered an "offer of
securities to the public" for purposes of the Luxembourg law on
prospectus for public offering dated 10 July 2005 or give rise to
or require the publication of a prospectus in any EU member state
which has implemented Directive 2003/71/EC (together with any
applicable implementing measures, including Directive 2010/73/EC,
in any member state)
-ENDS-
More information on Avation can be seen at: www.avation.net
Enquiries:
Avation PLC - Jeff Chatfield Executive Chairman +65 6252
2077
Notes to Editors:
Avation PLC is a commercial passenger aircraft leasing company,
headquartered in Singapore, owning and managing a fleet of jet and
turboprop aircraft which it leases to airlines across the world.
The Company's customers include EVA Air, easyJet, Philippine
Airlines, Air France, Air India, Condor, Flybe, Fiji Airways,
Thomas Cook, Virgin Australia, Mandarin Airlines and Vietjet Air.
More information on Avation is available at www.avation.net.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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