Emerald Aviation Finance, a newly established special purpose company, has priced $636, 210,000 worth of fixed rate asset-backed notes, in order to purchase 20 aircraft from Avolon and its affiliates. The issue will comprise $546,000,000 of 4.65 per cent class A-1 notes and $90,210,000 of 6.35 per cent class B-1 notes. Avolon will acquire the junior class E note issued by Emerald. The transaction is expected to close on or about October 16, 2013. The aircraft include a mix of narrowbody, widebody and regional jets with an average age of 3.07 years. Avolon will use the proceeds to refinance existing debt.