Commentary & Deal Flow

Avolon Holdings Funding Ltd (AVOL) exp Baa2/BBB-/BBB (s/p/s) US$ benchmark 144A/Reg S no reg rights 2-part sr notes (3y FXD due 4/15/29 and 7y FXD due 4/1/33). MWC then 1mo par call on 3y (3/15/29) and 2mos on 7y (2/1/33). 101 CoC. BMO/HSBC/Lloyds/Miz/WFS (B&D) joint active books. Passive: BARC/BNP/CACIB/CAIXA/CIC/DB/DBS/FITB/Huntington/ING/JPM/KEY/MS/MUFG/NATIXIS/NWM/PNC/SCOTIA/SG/TSI. Guarantors: Avolon Holdings Limited, Park Aerospace Holdings Limited, Avolon Aerospace Leasing Limited, CIT Aerospace LLC, CIT Group Finance (Ireland) Unlimited Company, CIT Aviation Finance III Ltd. and CIT Aerospace International Unlimited Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: The net proceeds from this offering are intended to be used for general corporate purposes, which may include funding the Share Repurchase and/or the future repayment of outstanding indebtedness. Pricing 2/18. Settle 2/23 (T+3). 144A CUSIP: 3y: 05401ABE0, 7y:: 05401ABF7. 144A ISIN: 3y: US05401ABE01, 7y: US05401ABF75.
IPTs: 3y T+115 area, 7y T+145 area.
GUIDANCE: 3y T+83#, 7y T+115#.