By Paul A. Harris
Portland, Ore., Feb. 3 – Worldwide Flight Services Group priced three tranches of five-year senior secured notes (B3/B) on Thursday, according to market sources.
Priced were the following:
• $400 million of fixed-rate notes at par to yield 7 7/8%, tight to yield talk in the 8% area (initial guidance was 8% to 8¼%);
• €340 million of fixed-rate notes at par to yield 6 3/8%, tight to talk in the 6½% area (initial guidance was 6¾% to 7%); and
• €250 million of Euribor plus 612.5 basis points floating-rate notes at par, with no Euribor floor. The spread came at the tight end of spread talk in the Euribor plus 625 bps area, and the price and floor came on top of talk.
Global coordinator and physical bookrunner Barclays will bill and deliver and was also the left bookrunner for the dollar-denominated notes. Goldman Sachs is also a global coordinator and physical bookrunner. Additional bookrunners were BofA Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Morgan Stanley & Co. LLC, MUFG and RBC Capital Markets LLC.
The issuing entity will be Promontoria Holding 264 BV, a special purpose vehicle indirectly controlled by funds managed or advised by sponsor Cerberus Capital Management, LP.
The Austin, Tex.-based aircraft ground support services provider plans to use the proceeds to refinance debt and fund cash to its balance sheet.
| Issuer: | Promontoria Holding 264 BV
|
| Issue: | Senior secured notes
|
| Maturity: | March 1, 2027
|
| Global coordinators: | Barclays and Goldman Sachs & Co. LLC
|
| Physical bookrunners: | Barclays and Goldman Sachs & Co. LLC
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Morgan Stanley & Co. LLC, MUFG and RBC Capital Markets LLC
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 9
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar fixed-rate notes
|
| Amount: | $400 million
|
| Issue: | Fixed-rate senior secured notes
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 621 bps
|
| First call: | March 1, 2024 at 103.938
|
| Price talk: | 8% area
|
| Left bookrunner: | Barclays
|
|
|
| Euro fixed-rate notes
|
| Amount: | €340 million
|
| Issue: | Fixed-rate senior secured notes
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 660 bps
|
| First call: | March 1, 2024 at 103.188
|
| Price talk: | 6½% area
|
|
|
| Floating-rate notes
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| Amount: | €250 million
|
| Issue: | Floating-rate senior secured notes
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| Coupon: | Euribor plus 612.5 bps
|
| Price: | Par
|
| Euribor floor: | 0%
|
| First call: | March 1, 2023 at 101
|
| Price talk: | Euribor plus 625 bps area at par, 0% floor
|
|
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