By Rebecca Melvin
New York, Feb. 2 – Moscow Domodedovo Airport priced $453 million loan participation notes due 2028 (Ba1//BB) at par to yield 5.35%, or a spread over mid-swaps of 454 basis points, according to a pricing notification sheet.
DME Airport DAC is issuer of the notes, and Hacienda Investments Ltd. is borrower.
The notes are callable in whole but not in part for a make-whole premium plus interest.
Application has been made to list the Rule 144A and Regulation S notes on the Irish Stock Exchange plc.
Joint bookrunners and joint lead managers are J.P. Morgan Securities plc, Raiffeisen Bank International, Societe Generale CIB, Alfa Capital Markets Ltd, Renaissance Securities (Cyprus) Ltd. and Sovcombank.
The proceeds will be used primarily to fund a tender offer launched by DME Airport for its outstanding 5 7/8% notes due 2021 and a portion of its outstanding 5.075% notes due 2023. The tender offer is expected to settle on or about Feb. 18.
| Issuer: | DME Airport DAC
|
| Borrower: | Hacienda Investments Ltd.
|
| Guarantors: | Airport Management Co. Ltd., DME Ltd. Domodedovo Airfield LLC, Domodedovo Commercial Services LLC, Domodedovo Catering LLC, Domodedovo Fuel Services LLC, Domodedovo Passenger Terminal LLC, Domodedovo Fuel Facilities LLC and Domodedovo Airport Handling LLC
|
| Amount: | $453 million
|
| Description: | Loan participation notes
|
| Maturity: | Feb. 8, 2028
|
| Bookrunners: | J.P. Morgan Securities plc, Raiffeisen Bank International, Societe Generale CIB, Alfa Capital Markets Ltd, Renaissance Securities (Cyprus) Ltd. and Sovcombank
|
| Coupon: | 5.35%
|
| Price: | Par
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| Yield: | 5.35%
|
| Spread: | Mid-swaps plus 454 bps
|
| Calls: | Callable for a make-whole premium plus interest
|
| Trade date: | Feb. 1
|
| Settlement date: | Feb. 8
|
| Expected ratings: | Moody’s: Ba1
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
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