BOC Aviation to raise $50m in private notes placement

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Lessor BOC Aviation will raise $50 million in a private placement of 10-year senior unsecured fixed rate notes with a private institution.

The notes will bear a fixed coupon rate of 4.3% per annum with interest payable half-yearly. The sale of the notes is expected to be completed by 6 February.

BOC says that the funds raised will be used to fund new capital expenditure and refinance existing borrowings.

The raising is part of BOC's $2 billion Euro Medium Term Note (EMTN) programme, which was launched in September last year.

"We have now raised a total of $550 million under the EMTN programme and are progressing well with our aim of tapping the debt capital markets to fund our growth," says chief executive Robert Martin.