BOGOTÁ, Colombia, Oct. 10, 2019 /PRNewswire/ -- Avianca Holdings
S.A. (the "Company" or "Avianca") (NYSE: AVH, BVC: PFAVH) announced
today that the deadline for the exchange offer of its US$ 550 million bonds due May 2020 has been further extended to
October 24. As of today, a total of
87.45% of bonds has been validly tendered.
The process of obtaining the necessary third-party consents to
consummate the Exchange Offer and Consent Solicitation has been
progressing well. Avianca Holdings' Chief Financial Officer,
Adrian Neuhauser, commented: "We are
finalizing the steps necessary to close the transaction, and expect
that this will be final extension. The high level of participation
that we have already achieved in the exchange offer, together with
the announcement of our agreement with United Airlines and
Kingsland Holdings regarding the conditions of the US$ 250 million stakeholder loan, represent key
milestones towards the successful completion of our debt
reprofiling program, allowing us to move forward with the Avianca
2021 plan."
All tendering bondholders will receive secured notes as
described in the exchange offer memorandum. Such notes will
automatically exchange for new notes with a 3-year extended
maturity and a 9% coupon, upon completion of the US$ 250 million financing led by United Airlines
and Kingsland Holdings Limited in Avianca.
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.
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SOURCE Avianca Holdings S.A.