AWAS Re-Prices 2010 $411m Term Loan lower by 175 basis points

AWAS announced today that it has closed the re-pricing of its $411m 2010 Term Loan due in June 2016, taking advantage of more favourable market conditions. Joint arrangers JP Morgan, Goldman Sachs and Credit Agricole Investment Banking (CACIB) were able to tighten the original spread from 400 bps to 275 bps and the LIBOR Floor from 125bps to 75bps.

The transaction was oversubscribed by nearly $200m reflecting strong market interest in AWAS debt fueled by its recent strong year-end 2012 results.

AWAS CFO Simon Glass said, “AWAS is extremely pleased to close this transaction. Our proactive financing strategy has been successful allowing our business to take quick advantage of market opportunities, leveraging our excellent relationships with investors in the US capital markets.”