By Paul A. Harris
Portland, Ore., May 20 – VistaJet Malta Finance plc priced a downsized $300 million issue of 7¾% five-year senior notes (B-/B) at 98.982 to yield 8% on Wednesday, according to a market source.
The coupon, price and yield came in line with price talk that specified a 7¾% coupon at a 1-point discount to yield 8%. The deal priced well wide of early guidance in the 6½% area, according to market sources.
Call protection is increased to three years from two years, with the first call premium set at par plus 50% of the coupon.
J.P. Morgan Securities LLC and Jefferies LLC were the joint bookrunners.
The Baar, Switzerland-based airline plans to use the proceeds to repay debt and fund aircraft purchases.
| Issuer: | VistaJet Malta Finance plc
|
| Face amount: | $300 million, decreased from $400 million
|
| Proceeds: | $297 million
|
| Maturity: | June 1, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Jefferies LLC
|
| Coupon: | 7¾%
|
| Price: | 98.982
|
| Yield: | 8%
|
| Spread: | 645 bps
|
| First call: | June 1, 2018 at 103.875 (call protection increased from two years)
|
| Trade date: | May 20
|
| Settlement date: | May 26
|
| Ratings: | Standard & Poor's: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¾% coupon at a 1-point discount to yield 8%
|
| Marketing: | Roadshow
|
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