The agreement gives Avation the financial flexibility to survive the pandemic and develop its business
() has reached an agreement with bondholders for an extension to its 6.5% senior notes.
The aircraft leasing firm’s notes had been due to mature in May but have now been extended for more than five years, until October 2026.
In a statement, the company said debt deal will assist it to continue successfully navigating the coronavirus (COVID-19) pandemic.
It added that the extension “will provide sufficient financial flexibility to support the continued development of the business through and post the COVID-19 pandemic.”
Avation had 76% of bondholders support the process, as they agreed to vote in favour of the proposal and have signed a lock-up agreement, giving the company sufficient leeway to advance the changes to the notes.