29 Jan, 2021

VistaJet prices add-on to 10.5% senior notes due 2024 at 101.75; terms

VistaJet Malta Finance PLC has placed a $150 million (upsized from $100 million) add-on to its 10.5% senior unsecured notes due 2024 at the tight end of guidance, sources said. Credit Suisse was lead bookrunner.

VistaJet Malta Finance provides aviation services. The company operates as a subsidiary of VistaJet Group Holding SA. Proceeds, including those stemming from the upsize, will be used to repay certain outstanding secured aircraft financing debt and to pay fees and expenses related to the current debt raise.

VistaJet placed the initial $550 million tranche of the bonds in May 2019. Terms:

Issuer VistaJet Malta Finance PLC and XO Management Holding Inc.
Ratings CCC+/Caa1
Amount $150 million (add-on)
Issue Senior (144A/Reg S)
Coupon 10.50%
Price 101.75
Yield 9.629%
Spread T+948
Maturity June 1, 2024
Call First call on June 1, 2022 at par +50% coupon
Trade Jan. 29, 2021
Settle Feb 3, 2021 (T+3)
Bookrunners CS (left lead)/BofA/Barc
Talk 101.50-101.75
Notes Add-on upsized from $100 million; add-on takes full amount issued to $700 million; up-to-35% equity claw at 110.5% until June 1, 2022; change-of-control put at 101