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AviLease, the Saudi-based aircraft leasing company owned by the Public Investment Fund (PIF), has priced a $850 million five-year senior unsecured Eurobond at a spread of US Treasuries plus 110 basis points.
The transaction attracted strong demand, with books exceeding $3.1 billion, allowing AviLease to tighten pricing from initial price thoughts of T+140 bps area.
The RegS/144A notes carry a coupon of 4.75% and were reoffered at 99.456 to yield 4.874%.
Proceeds will be used for general corporate purposes (GCP).
The deal is rated Baa2 by Moody’s and BBB by Fitch.
Joint bookrunners were Citi (Global Coordinator & B&D), MUFG, ADCB, BNP Paribas, First Abu Dhabi Bank, HSBC, Mizuho, alongside a syndicate of regional and international banks including Al Ahli, BSF Capital, CA-CIB, ENBD, GIB, JPMorgan, Morgan Stanley, Natixis, Riyad Bank, and SNB.
The bonds, listed on the London Stock Exchange Main Market, mature on 12 November 2030.
(Writing by Brinda Darasha; editing by Daniel Luiz)
