Avation PLC agrees 5 year bond extension

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.

Read MoreAvation PLC agrees 5 year bond extension

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