Conyers acted as Bermuda counsel to Avolon in connection with its inaugural US$500 million three-year, unsecured term loan facility which closed on 19 March 2019. The transaction was oversubscribed and upsized by over 60% based on the original launch size of US$300 million. Avolon intends to use the net proceeds from the financing for general corporate purposes, which may include the future repayment of outstanding secured indebtedness.
The financing was led by Natixis and Sumitomo Mitsui Trust Bank, which acted as joint mandated lead arrangers, underwriters and bookrunners for the deal. Lenders to the facility consist of a group of 13 international banks from across Asia, Europe and the United States.
Director Jason Piney and Counsel Angela Atherden of Conyers’ Bermuda office advised on the matter. Clifford Chance acted as lender’s counsel while Milbank acted as borrower counsel on behalf of Avolon.