By Paul A. Harris
Portland, Ore., Nov. 19 – Virgin Australia Holdings Ltd. priced an upsized $100 million add-on to its non-callable 8½% senior bullet notes due Nov. 15, 2019 (B3/B-) at 100.5 to yield 8.348% on Thursday, according to an informed source.
The issue size was increased from $50 million.
The reoffer price came at the rich end of the 100 to 100.5 price 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.
|
| Face amount: | $100 million, increased from $50 million
|
| Proceeds: | $100.5 million
|
| Maturity: | Nov. 15, 2019
|
| Security description: | Add-on to 8½% senior secured notes due Nov. 15, 2019
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 8½%
|
| Price: | 100.5
|
| Yield: | 8.348%
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 25
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 100 to 100.5
|
| Marketing: | Roadshow
|
| Original issue: | $300 million priced at par on Nov. 13, 2014
|
| Total issue size: | $400 million
|
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