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Atlantic Aviation increases first-lien term loan to $1.35 billion
By Sara Rosenberg
New York, July 13 – Atlantic Aviation upsized its seven-year first-lien term loan to $1.35 billion from $1.3 billion to add additional cash to the balance sheet, according to a market source.
Pricing on the first-lien term loan is Libor plus 300 basis points with a 0.5% Libor floor and an original issue discount of 99.75.
The first-lien term loan has 101 soft call protection for six months.
The company’s now $1.925 billion of credit facilities also include a $225 million five-year revolver (B1/B+) and a $350 million eight-year second-lien term loan.
Pricing on the second-lien term loan is Libor plus 575 bps with a 0.5% Libor floor and a discount of 99.5.
The second-lien term loan has call protection of 102 in year one and 101 in year two.
Previously in syndication, the spread on the first-lien term loan firmed at the low end of the Libor plus 300 bps to 325 bps talk and the discount was tightened from 99.5, and the spread on the second-lien term loan was lowered from talk in the range of Libor plus 600 bps to 625 bps.
Jefferies LLC, KKR Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc., Mizuho, BNP Paribas Securities Corp., ING, Societe Generale, SMBC and Wells Fargo Securities LLC are the bookrunners on the deal, with Jefferies the left lead on the first-lien term loan and KKR the left lead on the second-lien term loan.
Commitments continued to be due at 4 p.m. ET on Tuesday, the source added.
Proceeds will be used to help fund the buyout of the company by KKR from Macquarie Infrastructure Corp. for $4.475 billion in cash and assumed debt and reorganization obligations.
Closing is expected in the fourth quarter, subject to customary regulatory approvals and approval from Macquarie Infrastructure shareholders.
Atlantic Aviation is an operator of fixed base operations, providing a full suite of critical services to the private aviation sector.
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