Signature Aviation completes $330M add-on term loan for M&A; terms

Investors on Friday received allocations of the $330 million add-on term loan B for Signature Aviation PLC that will be used to finance the company's acquisition of Vail Valley Jet Center, according to sources. The add-on term loan priced at an original issue discount of 99.625 and is fungible with the issuer's existing covenant-lite first-lien term loan due June 2028 that is priced at L+275, with a 0.50% Libor floor. Pricing includes a 25-basis-point leverage-based margin step-down. Pro forma for the add-on, the total tranche size will be $1.909 billion. Signature Aviation, backed by Blackstone, Global Infrastructure Partners and Cascade Investment, provides the world's largest global fixed-base operation network for business and general aviation customers offering full-service flight support and nonfuel services.

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