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Avation

June 2015

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To create a more flexible capital structure for the financing of new aircraft and the acquisition of leased aircraft, Avation has issued US$100m loan notes, which it has listed on the Singapore Exchange. The notes are secured and carry an interest coupon of 7.5% and will be redeemed in 2020. The plan is to extend the loan note programme to US$500m in time.Avation has contracted 12 new narrowbody commercial passenger aircraft for delivery prior to December 2016. These comprise of ten new ATR 72 600 aircraft and two Airbus A321 aircraft and the notes provide funding and other opportunities. The up-front cost for the first tranche of notes is US$3m and in addition, Avation said it will have to carry interest costs on the new loa ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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