Avianca Holdings S.A., a Colombia-based company, has announced the closing of its 550 million Bond Exchange Offer, with a total of 88.1% of bonds validly tendered, the company said.
The closing represents a step toward finalizing the deb reprofiling program and the company said it is now focused on completing outstanding milestones to close the USD 250m stakeholder loan provided by United Airlines and Kingsland Holdings.
All participating bondholders will receive secured notes as described in the exchange offer memorandum. Such notes will automatically exchange for new notes with a maturity which has been extended until 2023 and a 9% coupon, upon completion of the USD 250 million stakeholder loan.
Avianca is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. (NYSE: AVH) (BVC: PFAVH). With a fleet of 175 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe.
Kingsland Holdings Limited is a shareholder of Avianca Holdings, S.A. with 40 years of aviation experience.