Avolon Announces Extension and Upsizing of Term Loan B Facility to US$1.7 Billion

DUBLIN--(BUSINESS WIRE)--Avolon Holdings Limited (‘Avolon’), the international aircraft leasing company, announces the extension of the TLB-3 tranche of its senior secured US$2.92 billion Term Loan B facility (the ‘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 $1.68 billion.

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, Avolon Chief Financial Officer, commented: “We are very pleased to have successfully upsized our term loan facility and to have extended its maturity to 2028. 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.”

About Avolon

Headquartered in Ireland, with offices in the United States, Dubai, Singapore, and Hong Kong, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation which is listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is a global leader in aircraft leasing with an owned, managed and committed fleet, as of 31 March 2023 of 830 aircraft. www.avolon.aero

Note Regarding Forward-Looking Statements

This document includes forward-looking statements, beliefs or opinions, including statements with respect to Avolon’s business, financial condition, results of operations and plans. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on our management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe,” “expects,” “may,” “will,” “could,” “should,” “shall,” “risk,” “intends,” “estimates,” “aims,” “plans,” “predicts,” “continues,” “assumes,” “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts, including with respect to the closing of the Offering. Forward-looking statements may and often do differ materially from actual results. No assurance can be given that such future results will be achieved. Avolon does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.