Avianca to pay premium on bond refi

Avianca to pay premium on bond refi

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Colombia

Colombia's Avianca will have to offer a premium to get investors to rollover $550m in 2020 bonds, following a recent ratings downgrade and a worsening business outlook, LatinFinance has heard. "They are going to have to pay at least a 150bp premium," said a bonds banker in Bogotá. After Fitch Ratings downgraded Avianca to B- from B, citing high debt levels and rising refinancing risks, the airline may have to look for other ways to pay the 8.375% notes due next May, rather than try to refinanc

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