International aircraft leasing company Avolon repriced and extended its senior secured $4.75 billion Term Loan B facility. The facility has now been extended from an orginal maturity of April 2022 to January 2025 and has been repriced at LIBOR plus 2.00% with a LIBOR floor of 0.75%, subject to an original issue discount (OID) of 99.75. In conjunction with this repricing, Avolon repaid $214 million of the original facility, bringing the outstanding balance to $4.75 billion.

Andy Cronin, Avolon CFO, said, “We are very pleased to have successfully extended the maturity of our US$4.75 billion Term Loan B to January 2025, and to have repriced the facility downwards for the second time in 12 months, with a reduction of 75bps from the original margin.

“Our ability to extend and further reduce the cost of what is one of the largest loans in the market is reflective of the quality of our portfolio, the strength of our business and the depth of appetite for the Avolon credit in the public markets. This amendment reduces our cost of funds and materially extends the weighted average life of our debt, consistent with our prudent approach to balance sheet management.”