Avolon has priced its cash tender offer. Through its holdings funding subsidiary, the company will purchase $1bn of its 2.528% senior notes due 2027.
The lessor said that demand had exceeded its maximum tender cap of $1bn, which triggered proration and, as a result, no other series of notes will be accepted. Around 56% of 2027 notes will be repurchased. The tender capped by the early deadline of September 17 — ahead of the October 2 expiration date.
The accepted notes will be bought at $966.08 per $1,000, which includes an early tender premium of $30. The yield was fixed at 4.189% and a fixed spread of 60 basis points.
JP Morgan Natixis acted as lead dealer managers, with DBS Bank and Wells Fargo acting as co-managers.