Avolon launches senior unsecured notes offering; poised for ratings hike

Lauren Eldershaw
By Lauren Eldershaw April 11, 2019 14:05

Avolon launches senior unsecured notes offering; poised for ratings hike

Avolon has launched a private offering by its wholly owned subsidiary, Avolon Holdings Funding, of $1.8 billion aggregate principal amount of senior unsecured notes.

Proceeds will be used for general corporate purposes and the repayment of outstanding legacy secured debt, consistent with the lessor’s commitment to reduce the level of secured debt in Avolon’s capital structure to 30% of total assets.

Fitch Ratings, Moody’s Investors Service and S&P Global Ratings have each announced their intention, on successful completion of the offering, to upgrade Avolon’s issuer and senior unsecured debt ratings to investment grade (BBB-, Baa3 and BBB- respectively).

Lauren Eldershaw
By Lauren Eldershaw April 11, 2019 14:05