Avation issues $20 million tranche for ATR deal

Avation issues $20 million tranche for ATR deal

Avation, the Singaporean lessor, has priced and issued a $20 million tranche of senior Medium Term Notes due 2020 to help fund the purchase of a new ATR72-600.

This will be added on top of a previous issue of $100 million 7.5% notes back in 2015. Avation issued both bonds as part of its $500 million medium term notes programme.

The turboprop will be leased to an unannounced new customer starting July.

Jeff Chatfield, Avation’s executive chairman said: “The Company has recently observed significant large scale orders for new ATR72-600 aircraft and is pleased that the regional aircraft market segment in Asia continues to develop with new airlines operating additional aircraft in line with growing passenger numbers.

“Avation remains with a further 27 options for ATR72-600 aircraft. The reopening tap issuance was priced at a premium at 101.25 with DBS Bank Ltd as sole bookrunner for the transaction.”

Issuer: Avation Capital
Tranche number: 002
Existing Notes: $100 million
Reopening Size: $20 million
Coupon: 7.5%
Maturity: 27 May 2020
Rating: B+ (Fitch), B (Standards & Poor’s)

Bookrunner: DBS Bank


Alex Baldwin
By Alex Baldwin June 5, 2017 12:29