By Paul A. Harris
Portland, Ore., May 14 – VistaJet Malta Finance plc priced an upsized and restructured $550 million issue of 10½% five-year senior notes (B3/B-) at 98.113 to yield 11% on Tuesday, according to a syndicate source.
The issue size increased from $525 million.
The coupon and yield came on top of talk. The reoffer price came in line with price talk that specified about 2 points of original issue discount.
Call protection increased to three years from two years, while the first call premium remained unchanged at par plus 50% of the coupon.
There were also covenant changes that bear primarily upon how the company may disburse cash and incur additional debt.
Credit Suisse Securities (USA) LLC was the left bookrunner. Joint bookrunners are Jefferies LLC and BofA Securities Inc.
The company, which is based in the Malta International Airport, in Malta, plans to use the proceeds to repay its term loan and redeem its outstanding notes.
VistaJet provides business aviation travel services.
| Issuers: | VistaJet Malta Finance plc and XO Management Holding, Inc.
|
| Amount: | $550 million, increased from $525 million
|
| Maturity: | June 1, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | Jefferies LLC and BofA Securities Inc.
|
| Coupon: | 10½%
|
| Price: | 98.113
|
| Yield: | 11%
|
| Spread: | 879 bps
|
| First call: | June 1, 2022 at 105.25
|
| Equity clawback: | 35% at 110.5 until June 1, 2022
|
| Trade date: | May 14
|
| Settlement date: | May 29
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 10½% coupon with about a 2 point discount to yield 11%
|
| Marketing: | Roadshow
|
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