VistaJet talks downsized, restructured $300 million five-year notes with 7¾% coupon to yield 8%

By Paul A. Harris

Portland, Ore., May 20 – VistaJet Malta Finance plc downsized its offering of five-year senior notes to $300 million from $400 million, a market source said on Wednesday.

The deal is talked to price with a 7¾% coupon at a 1-point discount to yield 8%.

That talk is well wide of early guidance in the 6½% area, according to market sources.

Call protection was increased to three years from two years, with the first call premium set at par plus 50% of the coupon.

Books close at 1:30 p.m. ET on Wednesday, and the Rule 144A and Regulation S for life deal, which was initially slated to price late last week, is expected to price thereafter.

J.P. Morgan Securities LLC and Jefferies LLC are the joint bookrunners.

Low-to-mid single B credit ratings are expected to be assigned to the notes by Standard & Poor's and by Fitch Ratings. The deal is not rated by Moody's Investors Service.

The Baar, Switzerland-based airline plans to use the proceeds to repay debt and fund aircraft purchases.

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