By Paul A. Harris
Portland, Ore., Nov. 30 – Allegiant Travel Co. priced an upsized $150 million add-on to its 5½% senior bullet notes due July 15, 2019 at 101.5 to yield 4.879% on Wednesday, according to a market source.
The issue size was increased from $100 million.
The reoffer price came at the rich end of the 101.25 to 101.5 price talk. Initial guidance was 101 to 101.25.
There was some reverse inquiry at play in the deal, a portfolio manager said.
Goldman Sachs & Co. was the bookrunner for the public offering.
The Las Vegas-based low-cost airline plans to use the proceeds for general corporate purposes.
| Issuer: | Allegiant Travel Co.
|
| Face amount: | $150 million, increased from $100 million
|
| Proceeds: | $152.25 million
|
| Maturity: | July 15, 2019
|
| Security description: | Add-on to 5½% senior notes due July 15, 2019
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 5½%
|
| Price: | 101.5
|
| Yield: | 4.879%
|
| Spread: | 359 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps, otherwise non-callable
|
| Trade date: | Nov. 30
|
| Settlement date: | Dec. 5
|
| Distribution: | SEC registered
|
| Price talk: | 101.25 to 101.5
|
| Marketing: | Quick to market
|
| Original issue: | $300 million issue priced at par in June 2014
|
| Total issue size: | $450 million
|
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