Avolon announces pricing of US$1.25bn senior notes offering

Avolon, the international aircraft leasing company, has announced the pricing of a private offering by its wholly owned subsidiary, Park Aerospace Holdings Limited, of US$950m aggregate principal amount of 4.500% Senior Notes due 2023, at par, and US$300m aggregate principal amount of 3.625% Senior Notes due 2021 (together with the 2023 notes, the “Notes”), at par. The Notes will be fully and unconditionally guaranteed by Avolon and by certain of the aircraft-owning subsidiaries of Park Aerospace Holdings Limited. The Offering is expected to close on or about 25 September, 2017, subject to customary closing conditions. Avolon intends to use the net proceeds from the Offering for general corporate purposes, which may include the future repayment of outstanding indebtedness.