April 01, 2021
Voyager Aviation Holdings, LLC, a leading global aviation investment firm and commercial aircraft leasing company, has announced the commencement of an offer to exchange any and all of the outstanding US$415,337,000 aggregate principal amount of existing unsecured 8.5% Senior Notes due 2021 issued by Voyager and Voyager Finance Co. (collectively the Issuers) for (i) 100% of the pro forma common equity of the Company, which will be subject to dilution by a post-restructuring management incentive plan, (ii) up to US$150 million principal amount of new 8.5% Senior Secured Notes due 2026 to be co-issued by the Issuers (New Notes), and (iii) up to US$200 million liquidation preference of preferred equity of an intermediate wholly owned holding company subsidiary of the Company. In addition, in connection with the Exchange Offer, the current holders of the existing equity interests of the Company will receive their pro rata share of an additional US$15 million principal amount of New Notes in exchange for all of their existing equity interests.
Latham & Watkins LLP represents the Dealer Manager in the transaction. The deal team was led by Houston partner David Miller and New York partner David Hammerman, with Houston associates Monica White, Lexi Santa Ana, Kate Wang, and Austin Johnson and New York associate Misha Ross. Advice was also provided on tax matters by Houston partner Bryant Lee, with Houston associates Mike Rowe and Marianne Standley.