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Conyers advises Avolon on its US$3 billion and US$1.25 billion Senior Notes Offerings

Conyers provided Bermuda law advice to Avolon Holdings Limited (“Avolon”), the international aircraft leasing company in connection with two Senior Notes offerings by Park Aerospace Holdings Limited, a wholly-owned subsidiary of Avolon.

The first offering, which priced on 20 January 2017, comprised US$1.75 million aggregate principal amount of 5.25% Senior Notes due 2022, at par, and US$1.25 million aggregate principal amount of 5.50% Senior Notes due 2024, at par. Avolon used the net proceeds from this offering, together with cash on hand, new equity contributed by Avolon’s indirect parent company, Bohai Capital Holding Co., Ltd., and US$5.5 billion of borrowings under a new senior secured term loan facility, to finance the acquisition of C2 Aviation Capital, LLC, the commercial aircraft leasing business of CIT Group Inc. and to pay related fees and expenses.

Avolon priced the second offering on 14 September 2017, comprising US$950 million aggregate principal amount of 4.500% Senior Notes due 2023, at par, and US$300 million aggregate principal amount of 3.625% Senior Notes due 2021, at par. Avolon intends to use the net proceeds from the second offering for general corporate purposes, which may include the future repayment of outstanding indebtedness.

Jason Piney, Angela Atherden and Cathryn Minors of Conyers’ Bermuda office advised on this matter, working alongside Weil, Gotshal & Manges LLP.

 


Jason Piney
Director

Bermuda   +1 441 299 4993


Angela F. Atherden
Associate

BERMUDA   +1 441 299 4969


Cathryn Minors
Associate

Hong Kong   +852 2842 9584

Mobile   +852 6469 3358


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Deals & Transactions

Conyers advises Avolon on its US$3 billion and US$1.25 billion Senior Notes Offerings

Conyers provided Bermuda law advice to Avolon Holdings Limited (“Avolon”), the international aircraft leasing company in connection with two Senior Notes offerings by Park Aerospace Holdings Limited, a wholly-owned subsidiary of Avolon.

The first offering, which priced on 20 January 2017, comprised US$1.75 million aggregate principal amount of 5.25% Senior Notes due 2022, at par, and US$1.25 million aggregate principal amount of 5.50% Senior Notes due 2024, at par. Avolon used the net proceeds from this offering, together with cash on hand, new equity contributed by Avolon’s indirect parent company, Bohai Capital Holding Co., Ltd., and US$5.5 billion of borrowings under a new senior secured term loan facility, to finance the acquisition of C2 Aviation Capital, LLC, the commercial aircraft leasing business of CIT Group Inc. and to pay related fees and expenses.

Avolon priced the second offering on 14 September 2017, comprising US$950 million aggregate principal amount of 4.500% Senior Notes due 2023, at par, and US$300 million aggregate principal amount of 3.625% Senior Notes due 2021, at par. Avolon intends to use the net proceeds from the second offering for general corporate purposes, which may include the future repayment of outstanding indebtedness.

Jason Piney, Angela Atherden and Cathryn Minors of Conyers’ Bermuda office advised on this matter, working alongside Weil, Gotshal & Manges LLP.

 


Jason Piney
Director

Bermuda   +1 441 299 4993


Angela F. Atherden
Associate

BERMUDA   +1 441 299 4969


Cathryn Minors
Associate

Hong Kong   +852 2842 9584

Mobile   +852 6469 3358


 

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