Avianca Holdings S.A. (the "Company" or "Avianca") (NYSE: AVH, BVC: PFAVH) announced today that the deadline for the exchange offer of its US$ 550 million bonds due May 2020 has been further extended to October 24. As of today, a total of 87.45% of bonds has been validly tendered.

The process of obtaining the necessary third-party consents to consummate the Exchange Offer and Consent Solicitation has been progressing well. Avianca Holdings' Chief Financial Officer, Adrian Neuhauser, commented: "We are finalizing the steps necessary to close the transaction, and expect that this will be final extension. The high level of participation that we have already achieved in the exchange offer, together with the announcement of our agreement with United Airlines and Kingsland Holdings regarding the conditions of the US$ 250 million stakeholder loan, represent key milestones towards the successful completion of our debt reprofiling program, allowing us to move forward with the Avianca 2021 plan."

All tendering bondholders will receive secured notes as described in the exchange offer memorandum. Such notes will automatically exchange for new notes with a 3-year extended maturity and a 9% coupon, upon completion of the US$ 250 million financing led by United Airlines and Kingsland Holdings Limited in Avianca.