By Paul A. Harris
St. Louis, Jan. 24 - Swissport International Ltd. priced CHF 753 million equivalent of seven-year senior secured notes (B2/B/) at par to yield 7 7/8% on Monday, according to an informed source.
The yield printed on top of price talk that was revised downward from previous talk of 8% to 8¼%.
The notes were issued in tranches of CHF 350 million and $425 million.
Citigroup was the left lead bookrunner. Barclays Capital, BNP Paribas and RBC Capital Markets were the joint bookrunners.
The notes were issued via special purpose entity Aquila 3 SA.
Proceeds will be used to fund the leveraged buyout of the Zurich-based air passenger and cargo logistics and infrastructure company by French private equity group Pai Partners from the Spanish construction group Ferrovial for about €654 million.
| Issuer: | Aguila 3 SA (Swissport International Ltd.)
|
| Amount: | CHF 753 million equivalent
|
| Tranche sizes: | CHF 350 million and $425 million
|
| Maturity: | Jan. 31, 2018
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Citigroup
|
| Joint bookrunners: | Barclays Capital, BNP Paribas, RBC Capital Markets
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Call protection: | Three years
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | 7 7/8% (revised downward from previous talk of 8% to 8¼%)
|
| Marketing: | Roadshow
|
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