AWAS closes its first Private Placement for $350m

AWAS announced today that it has closed its first Private Placement Term Loan. Aviation Finance Company (AFC) acted as Lead Arranger and Sole Book Runner, with CACIB, Goldman Sachs and Wells Fargo as Co-Leads and BNP Paribas as Manager. The proceeds from the transaction were used to repay the existing debt on ten young narrow-body aircraft and for general corporate purposes. This new facility rated BBB by S&P will have a 7-year term at a 4.87% coupon.

Clifford Chance acted as legal counsel on behalf of AWAS and Vedder Price on behalf of AFC and the Co-Lead Arrangers.

Simon Glass, AWAS Chief Financial Officer said: “ We are very pleased with the success of this Private Placement as it allowed AWAS to approach major US investors through AFC and to directly structure the transaction to fit our specific requirements while meeting the investors’ risk-return parameters”.

AFC CEO, Douglas Brennan mentioned: “We had a great result in this transaction thanks to the collaboration between the management team at AWAS, AFC and a strong group of investors, all working towards creative and innovative investment structures and results."