Avolon launched a debt tender offer for multiple series of its outstanding notes on May 19, 2025, for up to $800 million. The offer includes four series of notes, which will be repurchased based on acceptance priority. The four notes all have a fixed spread of 80 basis points. The offer includes an early tender premium of $30 per $1,000 of principal tendered.
Avolon said the purpose of the offer is to acquire the maximum principal amount of notes without exceeding the $800 million cap. This cap is inclusive of premiums, but excludes accrued interest.
The first series targeted in the offer is its 4.250% senior notes due April 15, 2026, which have $1bn in principal amount outstanding.
The second series in the acceptance priority level includes 4.375% senior notes due May 1, 2026, which have $745.2 million in principal amount outstanding.
The third tier includes 2.125% senior notes due February 21, 2026, with an principal amount outstanding of $750 million.
The fourth and final tier includes 5.500% senior notes due January 15, 2026, which have an principal amount outstanding of $650 million.
The early settlement date is currently expected to be on June 5, 2025, and the final settlement date is anticipated to occur on June 20, 2025.