Voyager Aviation Holdings, LLC (“Voyager” or the “Company”), a leading global aviation investment firm, announced today that it has procured additional support for its previously disclosed restructuring support agreement and has entered into an Amended and Restated Restructuring Support Agreement (the “Restructuring Support Agreement”). The agreement details the terms of a debt restructuring transaction that will strengthen the Company’s overall financial position and enable the Company to focus on growth. The Company launched an exchange offer for the debt restructuring pursuant to the terms of the Restructuring Support Agreement on March 30, 2021. For more information and transaction details, please see the Company’s press release dated March 30, 2021 regarding the exchange.
Signatories to the Restructuring Support Agreement now include beneficial owners of approximately 85% of the Company’s 8.500% Senior Notes due 2021 (such beneficial owners, the “Consenting Noteholders”) and holders of 100% of the Company’s equity (the “Existing Equityholders”). This exceeds the level of noteholder support necessary to successfully implement the Company’s restructuring through an Irish Scheme of Arrangement and brings the Company closer to the level necessary to implement the restructuring through an out-of-court exchange offer.
“We remain quite pleased with the continued support and collaboration our Consenting Noteholders and Existing Equityholders have provided since the announcement of this transaction. The addition of additional signatories to the Restructuring Support Agreement is a vote of confidence in support of the transaction and will help to foster a smooth and efficient process,” said Voyager’s President & Chief Executive Officer, Mike Lungariello. “We are quite confident that this proposed transaction, including the support of the well-established firms that are our future new established owners, is in the best interest of the Company, noteholders, and Existing Equityholders. It will provide us with long-term financial stability as the aviation industry recovers from COVID-19 and better positions us to capitalize on future growth opportunities with both existing and new customers.”
Voyager has a diverse, global customer base consisting of prominent passenger and cargo airlines that include Air France, AirBridgeCargo, Cebu Pacific, Sichuan Airlines, Turkish Airlines, and Alitalia. As of September 30, 2020, the Company’s fleet had a weighted average remaining lease term of 6.6 years and there were no scheduled lease maturities until 2022. These existing airline partnerships and leases, our modern fleet, and our capital structure subsequent to the execution of this transaction represent a strong financial base for Voyager as it looks towards future growth opportunities.
Voyager is advised in this process by Milbank LLP, Moelis & Company LLC and FTI Consulting. Consenting Noteholders under the Restructuring Support Agreement who beneficially own approximately 60% of the Company’s existing unsecured notes are advised by Clifford Chance US LLP, and additional Consenting Noteholders under the Restructuring Support Agreement who beneficially own approximately 25% of the Company’s existing unsecured notes are advised by Skadden, Arps, Slate, Meagher & Flom (UK) LLP.