Atlantic Aviation tightens issue price on incremental term loan, frees to trade

By Sara Rosenberg

New York, July 15 – Atlantic Aviation (KKR Apple Bidco LLC) modified the original issue discount on its incremental first-lien term loan and then the debt made its way into the secondary market on Friday afternoon.

The company changed the discount on the non-fungible $325 million incremental first-lien term loan (B1/B+) due Sept. 23, 2028 to 94 from talk in the range of 92 to 93, according to a market source.

Pricing on the incremental term loan remained at SOFR plus 400 basis points with a 0.5% floor.

The incremental term loan still has 101 soft call protection for six months.

Commitments continued to be due at noon ET on Friday and the incremental term loan freed to trade in the afternoon, with levels quoted at 94¼ bid, 95¼ offered on the break and at 94½ bid, 95½ offered shortly thereafter, a trader added.

Jefferies LLC, KKR Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc., Mizuho, BNP Paribas Securities Corp., ING, Societe Generale, SMBC, Wells Fargo Securities LLC and U.S. Bank are the bookrunners on the deal.

Proceeds will be used to refinance existing revolving credit facility borrowings and for general corporate purposes.

Atlantic Aviation is an operator of fixed base operations, providing a full suite of critical services to the private aviation sector.

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