By Rebecca Melvin
New York, Oct. 19 – Azul SA priced $400 million of 5 7/8% seven-year notes (expected ratings: B1/B+) on Thursday at 99.294 to yield 6%, according to a market source.
Pricing came at the tight end of guidance, which was for a yield in the 6 1/8% area. Guidance was revised downward from initial talk in the mid-6% range.
The notes are being issued by Azul Investments LLP and will be guaranteed by Azul and Azul Linhas Brasileiras SA.
Proceeds will be used for general corporate purposes, including debt refinancing.
Joint bookrunners for the Rule 144A and Regulation S notes were Citibank, JPMorgan, Banco Santander, BB Securities, Banco Bradesco and Itau Unibanco Holdings.
Azul operates an airline company in Brazil.
| Issuer: | Azul Investments LLP
|
| Guarantors: | Azul SA and Azul Linhas Aereas Brasileiras SA
|
| Issue: | Notes
|
| Amount: | $400 million
|
| Maturity: | Oct. 26, 2024
|
| Bookrunners: | Citibank, JPMorgan, Banco Santander, BB Securities, Banco Bradesco and Itau Unibanco
|
| Coupon: | 5 7/8%
|
| Price: | 99.294
|
| Yield: | 6%
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 26
|
| Expected ratings: | Moody’s B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guidance in 6 1/8% area, revised down from initial talk in mid 6% range
|
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