By Lisa Kerner
Charlotte, N.C., Jan. 7 - Milestone Aviation Group Ltd. completed the private placement of $575 million of senior secured notes (Kroll: BBB+).
The notes have an average maturity of eight years, with tranches of seven to 10 years.
BofA Merrill Lynch acted as bookrunner and lead placement agent.
Deutsche Bank AG, London Branch and Nomura Securities International, Inc. were the co-lead placement agents. Huntington Investment Co. and SunTrust Robinson Humphrey, Inc. were co-placement agents.
According to Milestone, the issue was upsized from the original offering size of $300 million due to investor demand. Seventeen investors participated in the private placement, 16 of which are new to Milestone.
Proceeds will be used to expand the business and to refinance existing debt, according to a company news release.
"Through this private placement, we have extended debt maturities, reduced interest rate exposure and further diversified funding sources," president Daniel Rosenthal said in the release.
Milestone is a Dublin-based aircraft leasing company exclusively focused on helicopters.
Issuer: | Milestone Aviation Group Ltd.
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Issue: | Senior secured notes
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Amount: | $575 million
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Maturity: | Tranches of seven to 10 years for an average of eight years
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Bookrunner: | BofA Merrill Lynch
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Agents: | BofA Merrill Lynch, Deutsche Bank AG, London Branch and Nomura Securities International, Inc. (leads); Huntington Investment Co., SunTrust Robinson Humphrey, Inc.
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Rating: | Kroll: BBB+
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Distribution: | Private placement
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