By Paul A. Harris
Portland, Ore., Aug. 9 – Swissport Group Sarl priced a downsized €660 million amount of high-yield notes in two tranches on Friday, according to a market source.
The deal included a downsized €410 million tranche of five-year senior secured notes (Caa2/CCC), which priced at par to yield 5¼%. The tranche size decreased from €500 million. The yield printed at the tight end of the 5¼% to 5½% yield talk.
Swissport also priced a downsized €250 million tranche of 5.5-year senior unsecured notes (Caa2/CCC) at par to yield 9%. The tranche size decreased from €280 million. The yield printed in the middle of yield talk in the 9% area.
Bookrunner Barclays will bill and deliver.
The combined notes offering was downsized to €660 million from €780 million with €120 million of proceeds shifted to the concurrent term loan, increasing its size to €850 million from €730 million.
The issuing entity is 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.
| Issuer: | Swissport Financial Sarl
|
| Amount: | €660 million, decreased from €780 million
|
| Bookrunner: | Barclays
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 14
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Secured notes
|
| Amount: | €410 million, decreased from €500 million
|
| Tenor: | Five years
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Call protection: | Two years
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Price talk: | 5¼% to 5½%
|
|
|
| Unsecured notes
|
| Amount: | €250 million, decreased from €280 million
|
| Tenor: | 5.5 years
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Call protection: | Two years
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC
|
| Price talk: | 9% area
|
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