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Singapore’s Avation launches $500 million medium-term note program
By Marisa Wong
Madison, Wis., May 22 – Avation plc announced that its wholly owned subsidiaries, Avation Capital SA and Avation Group (S) Pte. Ltd., established a $500 million global medium-term note program on May 19.
Notes issued under the program will be guaranteed by Avation.
The notes may be denominated in any currency.
R.W. Pressprich & Co., DBS Bank Ltd. and Seaport Global Securities LLC are the lead arrangers and initial dealers.
Avation said the program is intended to create a more efficient and flexible capital structure and to allow the company to be less reliant on equity issuance when considering the financing of new aircraft or acquisition of leased aircraft.
Avation priced an initial tranche on Wednesday. The company sold $100 million of 7˝% notes due 2020 at 99, as previously reported.
The commercial aircraft leasing firm has its headquarters in Singapore.
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