AWAS successfully closes $530m Term Loan in Capital Markets Deal
AWAS Aviation Capital Limited (AWAS) announces (11-Jun-2010) that it has issued a $530m Senior Secured Term Loan maturing in June 2016 in the US Capital Markets and has used the proceeds to refinance two secured credit facilities. The Term Loan is secured by a diverse portfolio of 30 aircraft on lease to 18 lessees in 12 countries. The portfolio comprises 51% Boeing aircraft and 49% Airbus aircraft (with a combined 86% of the aircraft being narrow-body) and with 76% of the pool being highly liquid aircraft types including A320 family and the B737NG.
The AWAS issue was assigned BBB- rating by Standard & Poors and Ba2 by Moody's, both with stable outlook.
Goldman Sachs Credit Partners L.P. and Credit Agricole Corporate & Investment Bank acted as joint lead arrangers for this facility. The Term Loan was significantly oversubscribed.
This transaction illustrates AWAS' ability to diversify its funding sources and to effectively manage its capital requirements, freeing up additional lending capacity from its main commercial banks.
Alan Stewart, AWAS Chief Financial Officer, said, "The support of a new investor base from the US as well as the renewed commitment from our main commercial banks is an important vote of confidence in AWAS's objective to diversify its funding sources and represents the continuing development of AWAS as a leading aircraft leasing company".
Frank Pray, AWAS President and Chief Executive, said, "AWAS's first capital market transaction, secured despite challenging market conditions, is testament to the strength and resilience of the business. With its 25 year history, AWAS has once again demonstrated its credentials."