Avolon reduces interest rate in extension and consolidation of $2.3 billion term loan B facility

Avolon has consolidated the $656 million TLB-5 and $1.68 billion TLB-6 tranches of its senior secured Term Loan B facility into one $2.33 billion TLB-6 tranche. The combined TLB-6 is priced at the Standard Secured Overnight Financing Rate (SOFR) plus 2% with a SOFR floor of 0.5%; representing a reduction in pricing of SOFR plus 2.35% (2.25% margin + 0.10% Credit Spread Adjustment) of the TLB-5 pricing, and the TLB-6 pricing of SOFR plus 2.5%. The maturity of the TLB-5 tranche has also been effectively extended from December 2027 to June 2028 as a result of the tranche consolidation.