Chicago, May 3 – Pegasus Hava Tasimaciligi AS sold an offering of $375 million of 9¼% notes due 2026 (B/BB-) at par, according to an offering memorandum.
The notes can be redeemed with a make-whole premium before April 30, 2024 and then at 104.625 for the year after that date and par for the final year. The make-whole premium is based on a premium of the greater of 1% or a formula that is based on a Treasury rate plus 50 bps.
The issuer can conduct a clean-up call if more than 85% of the bonds have been redeemed or purchased at 101.
BofA Securities and Goldman Sachs International were listed as bookrunners.
Proceeds will be used for general corporate purposes, refinancing existing bank loans and diversification of its funding resources and to pay fees and expenses related to the issue of the notes.
The Rule 144A and Regulation S notes are listed on Euronext Dublin.
Pegasus is a low-cost Turkish are carrier with headquarters in Istanbul.
| Issuer: | Pegasus Hava Tasimaciligi AS
|
| Issue: | Notes
|
| Amount: | $375 million
|
| Maturity: | April 30, 2026
|
| Bookrunners: | BofA Securities and Goldman Sachs International
|
| Fiscal agent: | Citibank NA, London Branch
|
| Counsel to issuer: | White & Case, LLP and GKC Partners (for Turkish law)
|
| Counsel to bookrunners: | Baker McKenzie LLP, Esin Attorney Partnership (Turkish law)
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
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| Call features: | Make-whole premium at Treasuries plus 50 bps until April 30, 2024; 104.625 from April 30, 2024 to April 29, 2025; par after April 30, 2025
|
| Change of control: | At 101
|
| Trade date: | April 28
|
| Settlement date: | April 30
|
| Ratings: | S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Investor meeting
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