Avianca Successfully Prices International Bond

Avianca has successfully priced a reopening of its international bond due 2020. The firm's subsidiary companies, Grupo Taca and Avianca Leasing, are co-issuers.

The 2020 bond, which was first issued on 10 May, 2013 at an 8.375 per cent coupon rate, has improved by about 80 basis points to date. In accordance with the positive trend, and affirmation of S&P's and Fitch's Bond Rating of B+, the company decided to retap the international bond market.

Avianca priced $250m reopening of its 2020 bonds at a 7.44 per cent yield to maturity in an offering that was oversubscribed by more than three and a half times. Settlement is scheduled to occur on 8 April, 2014 and the proceeds of this issuance will be allocated primarily to fleet financing and other general corporate purposes.

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