By Paul A. Harris
Portland, Ore., May 1 – VistaJet Malta Finance plc and co-issuer Vista Management Holding Inc. priced a $500 million issue of 9½% five-year senior notes (B3/BB-/BB-) at 98.998 to yield 9¾% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 9¾% area. The coupon came in the middle of the 9 3/8% to 9 5/8% coupon talk. The issue price came in line with discount talk of approximately 1 point. Initial guidance was in the high-9% area.
The new VistaJet 9½% notes due June 2028 were basically wrapped around issue price at Monday’s close, according to a bond trader, who had them at 99 7/8 bid, par 1/8 offered.
The deal rode into market on $150 million of reverse inquiry, a market source said.
BofA was the left physical bookrunner. Jefferies was joint physical bookrunners. Joint bookrunners were Standard Chartered and Citigroup.
The Malta-based private aviation services company plans to use the proceeds to prepay outstanding debt under certain loan facilities, which will include the revolver, bridge loan and certain aircraft facilities.
| Issuers: | VistaJet Malta Finance plc and Vista Management Holding, Inc.
|
| Amount: | $500 million
|
| Issuer: | Senior notes
|
| Maturity: | June 1, 2028
|
| Left physical bookrunner: | BofA
|
| Joint physical bookrunner: Jefferies
|
| Joint bookrunners: | Standard Chartered and Citigroup
|
| Coupon: | 9½%
|
| Price: | 98.998
|
| Yield: | 9¾%
|
| Spread: | 610 bps
|
| First call: | June 1, 2025 at 104.75
|
| Trade date: | May 1
|
| Settlement date: | May 3
|
| Ratings: | Moody’s: B3
|
| S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation for life
|
| Price talk: | 9¾% area yield (9 3/8% to 9 5/8% coupon at approximately 1 point discount)
|
| Marketing: | Drive-by
|
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