Avolon has upsized and extended the maturity of the TLB-3 tranche of its senior secured US$2.92bn Term Loan B facility.
The TLB-3 tranche has been extended from January 2025 to June 2028 through a new TLB-6 tranche and upsized by US$250 million, bringing the total size to $1.68bn. The TLB-6 priced at SOFR plus 2.5% with a SOFR floor of 0.5%, subject to an original issue discount (OID) of 99.0.
Ross O’Connor, chief financial officer of Avolon, commented: “The upsizing of the transaction reflects strong demand from both existing and new investors, reflective of the quality of our portfolio and the strength of our business. Together with our recent $750 million unsecured notes issuance, we have raised over $2.4 billion of capital in the second quarter to date, which will support our growth against a backdrop of increasing demand for aircraft from airlines."