Avianca Holdings has successfully priced a reopening of its international bond due 2020. The 2020 bond, which was first issued on May 10, 2013 at an 8.375% coupon rate, has improved by about 80 basis points to date. As a result, the airline company priced US$250 million reopening of its 2020 bonds at a 7.44% yield to maturity. The issuance was 3.5 times oversubscribed. The company expects to use the proceeds to general corporate purposes, including financing its capital expenditures program. Fitch Ratings has assigned a long-term rating of ‘B+’/RR5 to the 2020 unsecured notes reopening.

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