Aguila plans $390 million tap of 7 7/8% notes due 2018; pricing Tuesday or Wednesday

By Paul A. Harris

Portland, Ore., July 29 - Aguila 3 SA has scheduled an investor lunch in New York, as well as an investor conference call, both to begin at noon ET Monday, according to a syndicate source.

Under discussion will be the company's proposed $390 million add-on to its dollar-denominated 7 7/8% senior secured notes due Jan. 31, 2018.

The deal is expected to price on Tuesday afternoon or Wednesday morning.

Citigroup Global Markets, BNP Paribas, SG CIB, Morgan Stanley & Co. and UBS Investment Bank are the joint bookrunners.

Rule 144A and Regulation S notes become callable on Jan. 31, 2014 at 105.906. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to finance the acquisition of Servisair SAS.

The original notes, in tranches of $425 million and CHF 350 million, priced at par in January 2011. A previous $130 million add-on priced at 103 to yield 7.221% in May 2012.

The new add-on notes will be fungible with the existing notes upon the closing of the acquisition.

Aguila is a Luxembourg-based airport services provider.

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