By Paul A. Harris
Portland, Ore., April 20 – VistaJet priced an upsized $500 million issue of 7 7/8% five-year senior notes (Caa1/B-/BB-) at 98.986 to yield 8 1/8% on Wednesday, according to market sources.
The issue, heard to have played to $1.2 billion of demand, was upsized from $440 million.
The yield printed at the tight end of yield talk in the 8¼% area. The issue price came in line with discount talk in the 1 point area.
Timing was accelerated. When the deal was announced on Wednesday morning it had been expected to remain in the market overnight.
Joint physical bookrunner BofA will bill and deliver. Credit Suisse and Jefferies were also joint physical bookrunners.
The notes will be issued via XO Management Holding, Inc. and VistaJet Malta Finance plc.
The Malta-based private aviation services company plans to use the proceeds to finance the cash consideration payable in connection with its acquisition of Air Hamburg.
| Issuers: | XO Management Holding, Inc. and VistaJet Malta Finance plc
|
| Amount: | $500 million, increased from $440 million
|
| Issue: | Senior notes
|
| Maturity: | May 1, 2027
|
| Left physical bookrunner: | BofA (bill and deliver)
|
| Joint physical bookrunners: | Credit Suisse and Jefferies
|
| Coupon: | 7 7/8%
|
| Price: | 98.986
|
| Yield: | 8 1/8%
|
| Spread: | 526 bps
|
| First call: | May 1, 2024 at 103.938
|
| Trade date: | April 20
|
| Settlement date: | April 27
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¼% area yield including OID in the 1 point area
|
| Marketing: | Drive-by
|
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