Aviation finance company Avolon consolidated the $656 million TLB-5 tranche and $1.68 billion TLB-6 tranche of its senior secured term loan B facility into one $2.33 billion TLB-6 tranche.

The combined TLB-6 tranche is priced at SOFR plus 2% with a SOFR floor of 0.5%, a reduction from the TLB-5 pricing of SOFR plus 2.35% (2.25% margin plus 0.1% credit spread adjustment) and the original TLB-6 tranche pricing of SOFR plus 2.5%.

As a result of the consolidation, the maturity of the TLB-5 tranche was also effectively extended from December 2027 to June 2028.