BOGOTÁ, Colombia, Nov. 1, 2019 /PRNewswire/ -- Avianca
Holdings S.A. (the "Company" or "Avianca") (NYSE: AVH, BVC: PFAVH)
announced today that it has successfully closed the Bond Exchange
Offer of its US$ 550 million bonds,
which mature in May 2020, with a
total of 88.1% of bonds validly tendered.
All participating bondholders will receive secured notes as
described in the exchange offer memorandum. Such notes will
automatically exchange for new notes with a maturity which has been
extended until 2023 and a 9% coupon, upon completion of the
US$ 250 million stakeholder loan.
Adrian Neuhauser, Avianca
Holdings' CFO commented: "We are very pleased with the successful
closure of our Bond Exchange offer as it reaffirms our investors'
confidence in the plan which we have set forth for the Company. We
remain focused on completing the subsequent milestones to
successfully conclude the reprofiling program as expeditiously as
possible."
"United congratulates Avianca Holdings on the successful closure
of its bond exchange. As one of the most important steps in their
plan, we are excited to see this achievement," said John Gebo, United's Senior Vice President of
Alliances. "We look forward to Avianca following today's great step
by completing its remaining milestones and agreements and moving
forward with the Avianca 2021 Plan."
"We are very pleased by the success of the bond exchange
achieved by Avianca's new management team. It is an important
indication of the market's confidence in the Avianca 2021 plan set
forth by Anko, Adrian, and the team," added Roberto Kriete, Avianca's Chairman of the Board.
"Profound and important changes are taking place at Avianca, and we
thank our customers, partners, and all of our stakeholders for
their continued support throughout this process."
About Avianca Holdings:
Avianca is the commercial
brand for the collection of passenger airlines and cargo airlines
under the umbrella company Avianca Holdings S.A. Avianca has been
flying uninterrupted for 100 years. With a fleet of 175 aircraft,
Avianca serves 76 destinations in 27 countries within the Americas
and Europe. With more than 21,000
employees, the Company earned US$4.8
billion in 2018 and transported 30.5 million passengers. On
February 22, 2019, Avianca Holdings,
S.A. announced its corporate transformation plan consisting of four
key pillars: 1) the improvement of operational indicators, 2) fleet
adjustments, 3) the optimization of operational profitability and
4) repositioning of non-strategic assets. Last May 24th, control of the Company was assumed by
Kingsland Holdings Limited, an independent third party of United
Airlines.
About Kingsland:
Kingsland Holdings Limited is a
shareholder of Avianca Holdings, S.A. with 40 years of aviation
experience. Kingsland is chaired by Roberto
Kriete, who has been part of the Board of Directors of
Avianca Holdings S.A. since 2010. He was the founder of Volaris, a
pioneer of TACA and president of the Latin American Air Transport
Association.
View original
content:http://www.prnewswire.com/news-releases/avianca-holdings-successfully-closes-its-2020-bond-exchange-offer-300949837.html
SOURCE Avianca Holdings S.A.