Milestone Aviation Group , a company engaged in helicopter leasing, said that it has successfully completed the private placement of US$ 575 million of senior secured notes. In a release, the Company said that it intends to use the proceeds to fund the continued expansion of its business and to refinance existing debt. Milestone said that the senior secured notes, which have an average maturity of 8 years with tranches of 7 to 10 years, was upsized to US$ 575 million from the original offering size of US$ 300 million to satisfy investor demand. Seventeen investors participated in the private placement, sixteen of which are new to Milestone. "We believe the investment community's strong support for this offering is further validation of our business model," said Daniel Rosenthal , Milestone's President. "Through this private placement, we have extended debt maturities, reduced interest rate exposure and further diversified funding sources, positioning Milestone to continue delivering for our operating partners for years to come." As announced in October, Kroll Bond Rating Agency assigned Milestone an investment-grade issuer rating of "BBB" with a stable outlook. The offering of senior secured notes was rated "BBB+" by Kroll Bond Rating Agency . Merrill Lynch, Pierce, Fenner & Smith Inc served as Sole Bookrunner and Lead Placement Agent. Deutsche Bank AG , London Branch and Nomura Securities International, Inc. served as Co-Lead Placement Agents; and Merrill, DB, Nomura, The Huntington Investment Company and SunTrust Robinson Humphrey, Inc. served as Co-Placement Agents. ((Comments on this story may be sent to firstname.lastname@example.org ))
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