Avolon Holdings Limited, the international aircraft leasing company, has priced a private offering by its wholly owned subsidiary, Park Aerospace Holdings Limited, of USD 950 million aggregate principal amount of 4.500% senior notes due 2023, at par, and USD 300 million aggregate principal amount of 3.625% senior notes due 2021, at par, the company said.
The notes will be fully and unconditionally guaranteed by Avolon and by certain of the aircraft-owning subsidiaries of Park Aerospace Holdings Limited. The Offering is expected to close on or about 25 September, 2017, subject to customary closing conditions.
Avolon intends to use the net proceeds from the Offering for general corporate purposes, which may include the future repayment of outstanding indebtedness.
Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is a wholly owned, indirect subsidiary of Bohai Capital Holding Co., Ltd., a Chinese public company listed on the Shenzhen Stock Exchange (SLE: 000415). Avolon is the world´s third largest aircraft leasing business with a pro-forma owned, managed and committed fleet, as of 30 June, 2017 of 921 aircraft valued at over USD 46 billion.