Azorra has completed a new $400 million eight-year senior unsecured notes offering, the lessor said today (February 9). Additionally, the company has repriced and upsized its senior secured term loan B.
These transactions are set to strengthen the company's capital structure.
The new 6.25% senior unsecured notes offering is due 2034 and attracted “strong interest” from new and existing investors. The notes are rated BB- by both Fitch and S&P Global, as well as B1 by Moody's.
The term loan was repriced at three-month SOFR plus 2.50%, a 100 basis point improvement relative to its initial pricing in October 2024 and a 25 basis point improvement from its repricing in July 2025. Additionally, the term loan was upsized by $100 million to $637.8 million. The term loan is now secured by a portfolio of 34 aircraft and five engines.
“The positive outcome of these transactions represents a clear vote of confidence from the capital markets in both our business and our strategic direction,” said Azorra CEO John Evans.
Azorra CFO Alan Stanford said: “These debt issuances further enhance our financial and operational flexibility, allowing us to act decisively on market opportunities while preserving a resilient, efficient capital structure”.
Citibank served as lead structuring agent. Citibank along with Deutsche Bank acted as joint lead bookrunners. Bank of America, BNP Paribas, Natixis, Fifth Third Bank, MUFG, PNC, Royal Bank of Canada, SMBC, Siebert Williams for BayernLB, and Societe Generale also acted as joint bookrunners on the deal.