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SINGAPORE - Commercial aircraft leasing company Avation PLC (LSE:AVAP) announced Thursday that its wholly owned subsidiary, Avation Group (S) Pte. Ltd., has priced $300 million of senior unsecured notes due May 15, 2031, with an 8.5% coupon rate.
The notes will be issued from the company’s new $1 billion global medium term note programme, which is guaranteed by Avation PLC. According to the press release statement, the company intends to use the proceeds to repay its outstanding $298 million of 8.25% senior unsecured notes due in 2026, along with issuance expenses.
The notes, expected to be issued on November 6, 2025, have received ratings of B from Fitch Ratings, B2 from Moody’s, and B from S&P Global Ratings. These rating agencies also provide corporate ratings for Avation of B (outlook stable), B1 (outlook stable), and B- (credit watch positive), respectively.
Over the past five years, Avation has focused on reducing its leverage, paying off approximately $420 million of debt and reducing its net debt to equity ratio from 5.9x in fiscal year 2021 to 2.5x in fiscal year 2025.
Executive Chairman Jeff Chatfield stated that the bond issuance provides the company with "long-term stable financing" and mitigates "a 2026 bond expiry risk." He added that the company has "reset its near-term debt maturities and is back to a stable growth mode."
The notes issuance is subject to customary closing conditions.
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