WFS Global sets price talk in €240 million two-part notes offering; pricing Friday

By Paul A. Harris

Portland, Ore., Feb. 4 – WFS Global Holding SAS set price talk and timing in its €240 million two-part offering of high-yield notes, a market source said on Thursday.

The secured tranche, a €90 million add-on to the 9½% senior secured notes due July 15, 2022 (B2/B), is talked at 100 to 100.5. The notes, which become callable after July 15, 2018 at 104.75, will be an addition to the €225 million that were priced at par on June 19, 2015.

The unsecured tranche, a €150 million offering of new seven-year senior notes (Caa1/CCC+), is talked to price at a to-be-determined discount and yield in the 13% area. The unsecured seven-year notes come with three years of call protection.

Books close at 5:30 a.m. ET on Friday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Global coordinator BofA Merrill Lynch will bill and deliver. ING is the joint bookrunner.

The Paris-based air cargo handler plans to use the proceeds to partially finance its acquisition of Consolidated Aviation Services.

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