By Paul A. Harris
Portland, Ore., Nov. 13 – Virgin Australia Holdings Ltd. priced a $300 million issue of non-callable five-year senior notes (B3/B-/) at par to yield 8½% on Thursday, according to a market source.
The yield printed on top of yield talk.
Goldman Sachs & Co. was the bookrunner.
The Brisbane, Australia-based airline plans to use the proceeds to build additional dollar-denominated liquidity and meet its dollar-denominated financing obligations.
Virgin Australia, formerly Virgin Blue Airlines, is Australia’s second-largest airline.
Issuer: | Virgin Australia Holdings Ltd.
|
Amount: | $300 million
|
Maturity: | Nov. 15, 2019
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Securities: | Senior notes
|
Bookrunner: | Goldman Sachs & Co.
|
Coupon: | 8½%
|
Price: | Par
|
Yield: | 8½%
|
Spread: | 686 bps
|
Call protection: | Non-callable
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Trade date: | Nov. 13
|
Settlement date: | Nov. 20
|
Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
Distribution: | Rule 144A and Regulation S for life
|
Price talk: | 8½% area
|
Marketing: | Roadshow
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