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Avation extends full consideration on PIK toggle note tender offer
Chicago, Nov. 2 – Singapore’s Avation Capital SA provided an update on its offer to purchase its 9%/8¼% senior PIK toggle notes due Oct. 31, 2026 (Cusip: 05351CAA5, L56473AA6) for up to $60 million aggregate cash consideration, according to a notice.
As of the 5 p.m. ET Nov. 1 early participation deadline, some notes have been tendered but the tender cap has not yet been reached.
The company has decided to extend the full consideration to the final expiration time at 11:59 p.m. ET on Nov. 17.
As previously reported, the total consideration will be determined under a modified Dutch auction and will be within the range of $710 to $810 per $1,000 principal amount. The total consideration includes the extended early participation amount of $50 for each $1,000 principal amount.
When the offer started, the issuer said it expected to extend the expiration date, but not the withdrawal date, for up to 12 months following the initial expiration date.
The tender offer is subject to a number of conditions, including a financing condition.
The notes were originally issued under the company’s $1 billion global medium-term note program and guaranteed by Avation plc and Avation Group (S) Pte. Ltd. There is $355,605,435 aggregate principal amount of the notes outstanding.
Citigroup Global Markets Inc. (attn.: Steve Cheeseman, liability management group; 800 558-3745 or 212 723-6106) is the dealer manager for the tender offer.
Global Bondholders Services Corp. (212 430-3774 for banks and brokers or 855 654-2015; fax 212 430-3775 / 3779; contact@gbsc-usa.com) is the information and tender agent.
Avation is an aircraft leasing company based in Singapore.
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