Avation PLC has reached an agreement with bondholders for an extension to its 6.5% senior notes. The notes were due to mature in May 2021 but have been extended to October 2026 with 76% of bondholders voting in favor and subsequently signing a lock-up agreement. The work on extending the bond maturity has been going on for some months and has been a major obstacle inflicted upon the Avation business by the COVID-19 pandemic which has severely disrupted high yield markets that would normally be used to refinance such a commitment. The uncertainty regarding the capital structure has been resolved

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