Avolon Holdings Limited (“Avolon”), the international aircraft leasing
company, announces the pricing of a private offering by its wholly owned
subsidiary, Avolon Holdings Funding Limited, of US$800 million aggregate
principal amount of 5.25% Senior Notes due 2024 (the “2024 Notes”), at
Additionally, Avolon also announces the pricing of a private offering by
its wholly owned subsidiary, Park Aerospace Holdings Limited, of US$300
million aggregate principal amount of 5.25% Senior Notes maturing 2022
at an offering price of 101.375%, plus accrued interest (the “2022
Notes”, and together with the 2024 Notes, the “Notes”) adding to a
previous issue in January 2017 of US$1.75 billion of 5.25% notes
maturing 2022 (the “Existing Park Notes”) (together the “Offerings”).
The 2022 Notes will be treated as a single series with, and have
substantially the same terms as, the Existing Park Notes and are
expected to be fungible with the Existing Park Notes.
The Notes will be fully and unconditionally guaranteed by Avolon, and by
certain of its subsidiaries.
The Offerings are expected to close on or about 1 March, 2019, subject
to customary closing conditions. Avolon intends to use the net proceeds
from the Offerings for general corporate purposes, which may include the
future repayment of outstanding indebtedness.
The Notes will not be registered under the U.S. Securities Act of 1933,
as amended (the “Securities Act”), or any state securities law and may
not be offered or sold in the United States absent registration or an
applicable exemption from registration under the Securities Act and
applicable state securities laws. The Notes will be offered in the
United States only to qualified institutional buyers under Rule 144A of
the Securities Act and outside the United States under Regulation S of
the Securities Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Headquartered in Ireland, with offices in the United States, Dubai,
Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and
lease management services. Avolon is 70% owned by an indirect subsidiary
of Bohai Leasing Co., Ltd., a Chinese public company listed on the
Shenzhen Stock Exchange (SLE: 000415) and 30% owned by ORIX Aviation
Systems, a subsidiary of ORIX Corporation, which is listed on the Tokyo
and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is the
world’s third largest aircraft leasing business with an owned, managed
and committed fleet, as of 31 December 2018 of 971 aircraft.
Note Regarding Forward-Looking Statements
This document includes forward-looking statements, beliefs or opinions,
including statements with respect to the closing by Avolon of the
Offerings, which is subject to customary closing conditions. These
forward-looking statements involve known and unknown risks and
uncertainties, many of which are beyond our control and all of which are
based on our management’s current beliefs and expectations about future
events. Forward-looking statements are sometimes identified by the use
of forward-looking terminology such as “believe,” “expects,” “may,”
“will,” “could,” “should,” “shall,” “risk,” “intends,” “estimates,”
“aims,” “plans,” “predicts,” “continues,” “assumes,” “positioned” or
“anticipates” or the negative thereof, other variations thereon or
comparable terminology or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking statements
include all matters that are not historical facts. Forward-looking
statements may and often do differ materially from actual results. No
assurance can be given that such future results will be achieved.
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