Avianca Announces Satisfaction Of Conditions For Automatic Mandatory Exchange Of 8.375% Senior Secured Notes Due 2020, For 9.00% Senior Secured Notes Due 2023

December 12, 2019 – Avianca Holdings S.A. (the “Company”) announced, on December 9, 2019, that all conditions to consummate the automatic mandatory exchange (the “Mandatory Exchange”) of all US$484,419,000 aggregate principal amount of its issued and outstanding 8.375% Senior Secured Notes due 2020 (the “Existing Notes”) for an equivalent principal amount of 9.00% Senior Secured Notes due 2023 (the “New Notes”) have been satisfied. Accordingly, the Mandatory Exchange will occur on December 31, 2019 in accordance with the terms of the indenture governing the Existing Notes. Upon consummation of the Mandatory Exchange, holders of the Existing Notes will be paid accrued and unpaid interest, in cash, on the Existing Notes to, but not including, December 31, 2019. The Company understands that the New Notes will become eligible for TRACE for purposes of trade reporting.