VistaJet driving by with $500 million five-year notes; initial talk high-9% area

By Paul A. Harris

Portland, Ore., May 1 – VistaJet Malta Finance plc and co-issuer Vista Management Holding Inc. plan to price a $500 million offering of senior notes due 2028 in a Monday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the high-9% area, a trader said, adding that there is heard to be $150 million of reverse inquiry behind the deal.

The Rule 144A and Regulation S for life five-year notes become callable after two years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101% poison put.

BofA is the left bookrunner. Jefferies, Standard Chartered and Citigroup are the joint bookrunners.

The Malta-based private aviation services company plans to use the proceeds to prepay outstanding debt under certain loan facilities, which will include the revolver, bridge loan and certain aircraft facilities.

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