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This exit financing would be used to replace the existing Tranche A and would be converted, at Avianca's option and subject to the satisfaction of certain conditions, into a seven-year exit financing upon the company's emergence from chapter 11.
Avianca has obtained two financial commitments to replace the debtor-owned financing (DIP) and long-term financing upon emergence from chapter 11. The first commitment, from a group of financiers that includes many of the company's existing Tranche A DIP lenders, is for US$1.05 billion in loans under the new Tranche A-1 DIP exit financing.
The second, from new financiers, is for US$550 million in loans under the new Tranche A-2 DIP exit financing.
This new committed financing represents a key milestone in the restructuring plan that the company will file in the coming months to successfully emerge from chapter 11.