AWAS Re-Prices July 2012 $360m Term Loan lower by 100 basis points

Dublin-based global aircraft lessor, AWAS, announced today that it has closed the re- pricing of its $360m July 2012 Term Loan, taking advantage of more favourable market conditions.

Over 40 institutional investors in the Term Loan either rolled over or increased their participations on the back of positive inflows of capital in the high yield market. Interest in AWAS paper was further spurred by AWAS’ third quarter results and the recent upgrading to BB+ by S&P of the Company’s corporate rating.

As a result, arranger Goldman Sachs was able to tighten the original spread from 450 bps to 350 bps. Greg Lee, Managing Director & Head of Trade, Transport and Infrastructure in the Investment Banking Division at Goldman Sachs commented, “AWAS has demonstrated the quality and enhancement of their brand in cultivating relationships and credibility in the capital markets. Re-pricings are not easy transactions and AWAS’ success in doing this twice in the last 18 months shows the strength of their following in the capital markets.”

AWAS CFO Simon Glass said, “This transaction is a testimony to AWAS’s ability to quickly adjust to prevailing market conditions, to our excellent relationships with a large pool of investors in the US capital markets, and to the Company’s strong financial and operating performance.”