By Paul A. Harris
St. Louis, July 25 - DAE Aviation Holdings, Inc. priced a $325 million issue of 11¼% eight-year senior notes (Caa2/B-) at 97.45 to yield 11¾% on Wednesday, according to an informed source.
The yield was printed 50 basis points beyond the wide end of the 11% to 11¼% price talk.
Barclays Capital and Lehman Brothers were joint bookrunners for the Rule 144A and Regulation S for life notes.
Proceeds will be used to help fund the acquisition, by Dubai Aerospace Enterprises, of Standard Aero Holdings Inc. and Piedmont/Hawthorne Holdings from the Carlyle Group.
DAE Aviation is a provider of maintenance, repair and overhaul of engines for business and regional jets, and a provider of component and airframe repairs, large business jet completions and modifications, MRO services for certain military engines and engineering services.
| Issuer: | DAE Aviation Holdings, Inc.
|
| Face amount: | $325 million
|
| Proceeds: | $316.71 million (approximate)
|
| Maturity: | Aug. 1, 2015
|
| Security description: | Senior notes
|
| Bookrunners: | Barclays Capital, Lehman Brothers
|
| Coupon: | 11¼%
|
| Price: | 97.45
|
| Yield: | 11¾%
|
| Spread: | 684 bps
|
| Call features: | Callable on Aug. 1, 2011 at 105.625, 102.813, par on and after Aug. 1, 2013
|
| Equity clawback: | Until Aug. 1, 2010 for 35% 111.25
|
| Trade date: | July 25
|
| Settlement date: | July 31
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | 11% to 11¼%
|
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