VistaJet talks $800 million eight-year senior notes to yield 6½%-6¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 20 – VistaJet talked its $800 million offering of senior notes due 2030 to yield 6½% to 6¾%, according to market sources.

There is an expectation in the market that the deal could upsize to $1 billion, a trader said.

Official talk comes inside of initial guidance in the high 6% area to 7%.

Timing is accelerated. Books close at 1 p.m. ET on Thursday, and the deal is set to price thereafter. The offering previously had been expected to remain in the market until Friday.

The deal was heard to be completely circled up in reverse inquiry, traders said.

Joint physical bookrunner BofA will bill and deliver. Jefferies is also a joint physical bookrunner.

Barclays and Credit Suisse are co-managers.

The Rule 144A and Regulation S for life eight-year notes become callable after three years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period. They also feature a 101% poison put.

The issuing entities will be VistaJet Malta Finance plc and XO Management Holding, Inc.

The Luqa, Malta-based aviation company plans to use the proceeds to redeem its 10½% notes due 2024.

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