AWAS Closes 2012 Term Loan

Lessor AWAS has closed its re-pricing of a 2012 term loan. The LIBOR margin of the loan was reduced from 3.50 per cent to 2.75 per cent, with the LIBOR floor reduced from 1.25 per cent to 0.75 per cent. RBC Capital, Morgan Stanley, Goldman Sachs and DVB Capital acted as joint lead arrangers. AWAS said the deal was “well over-subscribed with circa 40 accounts rolling-over their existing exposure.” Judith Fishlow Minter, head of syndicated finance at RBC Capital Markets remarked, "There was substantial demand for new money from existing lenders and the term loan broke for trading above its par offer price, displaying strong investor appetite for the transaction, and healthy market conditions."

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