Azorra Announces Closing of $550 Million Senior Unsecured Financing and Rating Upgrades

Fort Lauderdale, Florida, USA

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Unsecured Notes

Azorra Aviation Holdings, LLC (“Azorra”) today announced that it has closed a $550 million senior unsecured notes offering. The offering was upsized from the initially announced $500 million in light of strong investor demand. This is the company’s second senior unsecured note issuance.

Azorra Finance Limited, a wholly-owned subsidiary of Azorra, issued $550 million aggregate principal amount of its 7.25% senior unsecured notes due 2031 (the “Notes”). The Notes are guaranteed by Azorra and certain of its subsidiaries. Proceeds from the Notes will be used to repay existing debt and for general corporate purposes, which may include financing the acquisition of new aircraft deliveries.

The Notes are rated “BB-”, “B1” and “BB-” by Fitch Ratings, Moody’s Ratings and S&P Global Ratings, respectively.

Ratings Upgrades

Fitch Ratings revised the company’s outlook from stable to positive in May and affirmed the company’s Long-Term Issuer Default Rating (IDR) at “BB-”.

Moody’s Ratings reaffirmed the company’s corporate rating at “Ba3”, upgraded the company’s $550 million senior unsecured notes due 2030 to “B1” from “B2” and upgraded the company’s Term Loan B to “Ba1” from “Ba2”. 

S&P Global Ratings reaffirmed the company’s corporate rating at “BB-/ Stable”, its “BB-” rating on the company’s $550 million senior unsecured notes due 2030 and raised its recovery rating to 3 from 4.

Azorra Commentary

John Evans, CEO and Founder of Azorra, said, “This transaction marks another important milestone in Azorra’s continued growth. The strong demand for our second unsecured notes issuance, coupled with upgrades and affirmations from the rating agencies, is a testament to our disciplined strategy, the resilience of our business model, and the market’s confidence in our long-term vision.”

Alan Stanford, CFO of Azorra, stated, “The strong support from the debt investor community reflects growing confidence in Azorra’s performance, credit profile, and strategy. This unsecured financing enhances both our financial and operational flexibility, enabling us to respond strategically to market opportunities while maintaining a resilient and efficient capital structure.”

Claudia Ziemer, SVP Finance of Azorra, added, “This offering allows us to efficiently refinance existing debt and positions us well to capitalize on upcoming aircraft deliveries and market opportunities and the upsize reflects the market’s confidence in our financial strength and our strategic direction. We deeply appreciate the positive recognition from the rating agencies, and the continued backing of our banking partners and the debt investor community.”

Forward Looking Statements

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. We do not represent or warrant that such forward-looking statements will be achieved or prove to be correct.  Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

No Offer or Solicitation

The Notes and related guarantees have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any jurisdiction and may be offered or sold only in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The Notes were offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer of the Notes will be made only by means of a private offering memorandum.

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ABOUT AZORRA

Azorra is a relationship-driven aircraft lessor that provides leasing, financing, fleet transition and asset management solutions to aircraft investors, financiers and airline operators worldwide. Azorra’s multi-cultural team reflects the global markets that we serve and includes core competencies in aviation law, aircraft finance, maintenance, marketing, sales, trading and leasing.  

Our team is led by seasoned veterans having a shared history of success and is complemented with young professionals who bring fresh perspective, ideas and enthusiasm. Azorra currently owns and manages a fleet of 143 aircraft and engines. Including commitments and orders for new Airbus A220-300 aircraft and Embraer E190/195-E2 aircraft, Azorra’s total fleet is 240 assets. The company is headquartered in Fort Lauderdale, Florida, and has an office in Dublin, Ireland.