AWAS closes re-pricing on 2012 Term Loan yielding significant savings to business

AWAS announced today that it closed a re-pricing of its 2012 Term Loan to achieve significantly more attractive pricing.

RBC Capital, Morgan Stanley, Goldman Sachs and DVB Capital acted as joint lead arrangers on the deal. The transaction was well over-subscribed with circa 40 accounts rolling-over their existing exposure.

The results of the transaction have the LIBOR margin of the loan reduced from 3.50% to 2.75%, with the LIBOR floor reduced from 1.25% to .75%
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.”

Frederic Mireur, AWAS Head of Corporate Finance commented on the deal, “We are very pleased with the way our re-pricing offer was well accepted by our diversified investor base, following the 2010 Term Loan re-pricing of last March. These two transactions significantly contributed to lowering our cost of capital, a testimony of AWAS’ credit rating, as well as proven operating and financial performance. “