Chicago, Dec. 1 – TAV Havalimanlari Holding AS used the Thursday market to price its debut dollar bond issue in a $400 million offering of 8½% five-year notes (B+/BB) that came at par, according to information from a market source involved in the deal.
Initial price talk started in the 9% area but was guided into a lower 8 5/8% to 8¾% area when the order book went over $1.2 billion. Pricing ultimately came at the tight end of guidance as the order book kept rising, hitting $1.5 billion.
BofA Securities (billing and delivery), BNP Paribas and Citi were the joint bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to refinance existing debt and to pay fees, discounts and commissions related to the offering.
TAV Airports, based in Istanbul, is an airport operator with a portfolio of 15 airports in eight countries. TAV is owned by Paris-based Groupe ADP.
| Issuer: | TAV Havalimanlari Holding AS
|
| Guarantors: | Havaalanları Yer Hizmetleri AS, TAV Işletme Hizmetleri AS, TAV Bilisim Hizmetleri AS and Aviator Netherlands BV
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| Amount: | $400 million
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| Issue: | Senior notes
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| Maturity: | Dec. 7, 2028
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| Bookrunners: | BofA Securities (billing and delivery), BNP Paribas and Citi
|
| Coupon: | 8½%
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| Price: | Par
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| Yield: | 8½%
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| Call features: | Make-whole call at Treasuries plus 50 bps until Dec. 7, 2025; then par plus 50% of the coupon in year three, par plus 25% of the coupon in year four and a par call in year five
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| Change of control: | At 101
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| Trade date: | Nov. 30
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| Settlement date: | Dec. 7
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| Ratings: | S&P: B+
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| Fitch: BB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 9% area; revised guidance to 8 5/8% to 8¾% area
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| Marketing: | Investor calls
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| ISINs: | US87216EAA47, XS2729164462
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