By Paul A. Harris
Portland, Ore., Jan. 29 – VistaJet Malta Finance plc and XO Management Holdings Inc. priced an upsized $150 million add-on to their 10½% notes due June 1, 2024 at 101.75 with a 9.629% yield to worst on Friday, according to an informed source.
The issue size increased from $100 million.
The issue price came at the rich end of the101.5 to 101.75 price talk.
Credit Suisse was the left lead. Joint bookrunners were BofA and Barclays.
The Baar, Switzerland-based airline plans to use the proceeds to repay certain outstanding secured aircraft financing debt. The additional proceeds resulting from the $50 million upsizing of the deal will be used to repay additional aircraft financing.
| Issuers: | VistaJet Malta Finance plc and XO Management Holding Inc.
|
| Amount: | $150 million, increased from $100 million
|
| Maturity: | June 1, 2024
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| Security description: | Add-on to 10½% senior notes due June 1, 2024
|
| Left bookrunner: | Credit Suisse
|
| Joint bookrunners: | BofA and Barclays
|
| Coupon: | 10½%
|
| Price: | 101.75
|
| Yield to worst: | 9.629%
|
| Spread: | 948 bps
|
| First call: | June 1, 2022 at 105.25
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 3
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 101.5 to 101.75
|
| Marketing: | Roadshow
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