SECURES $85 MILLION EXPANDABLE PORTFOLIO FINANCE
Via RNS and SGXNET
#AVAP on X
AVATION PLC
("Avation" or "the Company")
SECURES $85 MILLION EXPANDABLE PORTFOLIO FINANCING FACILITY
Avation PLC (LSE: AVAP), the leading commercial passenger aircraft leasing company, is pleased to announce that it has signed a Term Loan A-style US$85 million expandable portfolio financing facility (the "Facility") in collaboration with a major international bank. This strategic Facility will initially support the refinancing of select aircraft in Avation's fleet, with the flexibility to finance additional aircraft, subject to lender approval.
The Facility enhances the Company's cash flow and strengthens its financial position. Funds are expected to be drawn in the coming weeks, following the completion of standard conditions precedent, in coordination with the relevant airlines.
Avation was advised on the transaction by the aviation team of the Singapore office of Morgan, Lewis & Bockius LLP, led by James Bradley.
Executive Chairman Jeff Chatfield commented: "This landmark Term Loan A facility is a positive step forward for Avation, offering the flexibility to add additional aircraft over time. The facility's interest coupon is substantially lower than the market for unsecured bond financing. Once fully drawn, this facility has the potential to improve the Company's cash flow by up to US$400,000 per month. We are delighted to have executed this transaction with one of our trusted long-term banking partners."
-ENDS-
Enquiries:
Avation PLC - Jeff Chatfield, Executive Chairman +65 6252 2077
Avation welcomes shareholder questions and comments and advises the email address for questions is: investor@avation.net and the Company provides an investor Q & A during the conference call associated with release of results. The head office telephone number is +65 6252 2077.
Notes to Editors: Avation PLC is an aircraft leasing company, headquartered in Singapore, owning and managing a fleet of commercial passenger aircraft which it leases to airlines around the world. More information on Avation is available at www.avation.net.
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