Published on 7/30/2013 in the Prospect News High Yield Daily.
New Issue: Swissport prices $390 million tap of 7 7/8% notes at 102.75 to yield 7.149%
By Paul A. Harris
Portland, Ore., July 30 - Aguila 3 SA, a subsidiary of Luxembourg-based airport services provider Swissport International Ltd., priced a $390 million add-on to its dollar-denominated 7 7/8% senior secured notes due Jan. 31, 2018 (B2/B/) at 102.75 to yield 7.149% on Tuesday, according to a syndicate source.
The price came in the middle of the 102.5 to 103 price talk.
Citigroup Global Markets, BNP Paribas, SG CIB, Morgan Stanley & Co. and UBS Investment Bank are the joint bookrunners.
The 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 until Jan. 31, 2014.
Proceeds will be used to finance the acquisition of Servisair SAS.
| Issuer: | Aguila 3 SA (Swissport International Ltd.)
|
| Face amount: | $390 million
|
| Proceeds: | $401 million
|
| Maturity: | Jan. 31, 2018
|
| Security description: | Add-on to 7 7/8% senior secured notes due Jan. 31, 2018
|
| Bookrunners: | Citigroup Global Markets, BNP Paribas, SG CIB, Morgan Stanley & Co., UBS Investment Bank
|
| Coupon: | 7 7/8%
|
| Price: | 102.75
|
| Yield to worst: | 7.149%
|
| Spread: | 575 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Jan. 31, 2014, then callable at 105.906, 103.938, 101.969, par on and after Jan. 31, 2017
|
| Special call: | Issuer may redeem 10% of the notes at 103 until Jan. 31, 2014
|
| Equity clawback: | 35% at 107.875 until Jan. 31, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | July 30
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 102.5 to 103
|
| Marketing: | Brief roadshow
|
| Original dollar-denominated issue: | $425 million priced at par in January 2011
|
| Previous add-on: | $130 million priced at 103 to yield 7.221% in May 2012
|
| Fungibility: | The new add-on notes will be fungible with the existing notes upon the closing of the acquisition
|
| Total issue size: | $1,245,000,000
|
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