Avolon announces re-pricing & partial repayment of US$500m Term Loan B-1 facility

Avolon, the international aircraft leasing company, has announced the re-pricing and partial repayment of its US$500m Term Loan B-1 (TLB-1) facility. The TLB-1 facility, with a September 2020 maturity, was originally priced in March 2017 at LIBOR plus 2.25% with a LIBOR floor of 0%. The facility has now been repriced at LIBOR plus 1.75% with a LIBOR floor of 0%. The loans under the repriced TLB-1 facility were issued at par and not subject to an Original Issue Discount (OID). In conjunction with this repricing Avolon repaid US$130m of the original TLB-1 facility. The TLB-1 repricing follows the recent successful re-pricing of Avolon’s US$5.0bn Term Loan B-2 (TLB-2) facility with an April 2022 maturity to LIBOR plus 2.25% with a LIBOR floor of 0.75%.