By Paul A. Harris
Portland, Ore., Feb. 5 – WFS Global Holding SAS priced €240 million of high-yield notes in two resized tranches on Friday, according to a market source.
The secured tranche was an upsized €100 million add-on to the 9½% senior secured notes due July 15, 2022 (B2/B), which priced at 101 to yield 9.285%. The add-on was upsized from €90 million. The reoffer price came 50 basis points rich to the rich end of the 100 to 100.5 price talk.
The unsecured portion of the issuance was a downsized €140 million tranche of new 12½% seven-year senior notes (Caa1/CCC+), which priced at 98 to yield 12.94%. The tranche size was decreased from €150 million. The unsecured notes priced in line with talk that specified a to-be-determined discount resulting in a yield in the 13% area.
Global coordinator BofA Merrill Lynch will bill and deliver. ING is the joint bookrunner.
The Paris-based air cargo handler plans to use the proceeds to partially finance its acquisition of Consolidated Aviation Services.
| Issuer: | WFS Global Holding S.A.S
|
| Face amount: | €240 million
|
| Proceeds: | €238.2 million
|
| Global coordinator: | BofA Merrill Lynch (bill and deliver)
|
| Joint bookrunner: | ING
|
| Trade date: | Feb. 5
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Secured tranche
|
| Face amount: | €100 million, increased from €90 million
|
| Proceeds: | €101 million
|
| Maturity: | July 15, 2022
|
| Security description: | Add-on to 9½% senior secured notes due July 15, 2022
|
| Coupon: | 9½%
|
| Price: | 101
|
| Yield: | 9.285%
|
| Spread: | 945 bps
|
| First call: | Callable after July 15, 2018 at 104.75
|
| Settlement date: | Feb. 19 with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 100 to 100.5
|
|
|
| Unsecured tranche
|
| Face amount: | €140 million
|
| Proceeds: | €137.2 million
|
| Maturity: | Dec. 30, 2022
|
| Securities: | Senior notes
|
| Coupon: | 12½%
|
| Price: | 98
|
| Yield: | 12.94%
|
| Spread: | 1,303 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until Feb. 15, 2019, then callable at a premium
|
| Settlement date: | Feb. 19
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | To-be-determined discount to yield in 13% area
|
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