Business Irish

Sunday 20 October 2019

Dublin aircraft lessor Avolon announces pricing of $1.1bn for private placement

Avolon, whose chief executive and founder is Dómhnal Slattery
Avolon, whose chief executive and founder is Dómhnal Slattery
Ellie Donnelly

Ellie Donnelly

The Dublin-based aircraft lessor Avolon has announced pricing of $1.1bn for a private placement due to close by 1 March.

Avolon’s wholly owned subsidiary, Avolon Holdings Funding Limited, is issuing $800 of 5.25pc senior notes due in 2024.

Additionally, Avolon also announced the pricing of a private offering by its subsidiary, Park Aerospace Holdings, of $300m of 5.25pc senior notes maturing in 2022.

The notes will be fully guaranteed by Avolon, and some of its subsidiaries.

Avolon said it intends to use the proceeds for general corporate purposes, which may include the future repayment of outstanding debt.

Earlier this week Avolon posted record profits of $717m (€634m) for 2018, a 30pc year-on-year rise.

Lease revenue at Avolon rose 10pc to $2.56bn (€2.26bn) last year, while it generated net cash of $2.2bn (€1.94bn) from its operating activities.

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