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Swissport sets price talk in €780 million two-part notes offering; pricing Friday
By Paul A. Harris
Portland, Ore., Aug. 8 – Swissport Group Sarl set price talk in its €780 million two-part offering of high-yield notes on Thursday, according to a market source.
The deal features €500 million of five-year senior secured notes (B2/B-) talked to yield 5¼% to 5½% and €280 million of 5.5-year senior unsecured notes (Caa2/CCC) talked to yield in the 9% area.
The Rule 144A and Regulation S deal is set to price on Friday.
Bookrunner Barclays will bill and deliver.
The notes in both tranches come with two years of call protection.
The issuing entity will be Swissport Financial Sarl.
The Zurich-based ground handling and cargo service provider plans to use the proceeds to refinance debt and place cash on its balance sheet.
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