By Paul A. Harris
Portland, Ore., Sept. 11 – Macquarie AirFinance Holdings Ltd. priced a $500 million issue of 5.5-year senior notes (BB+/BB) at par to yield 8 1/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 8¼% area. Initial talk had the deal coming to yield in the mid-8% area.
Citigroup Global Markets Inc. was the left active bookrunner. Joint active bookrunners were J.P. Morgan Securities LLC and MUFG Securities Americas Inc. Joint bookrunners were BMO Capital Markets Corp., BNP Paribas Securities Corp., DBS Bank, HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and Natixis Securities Americas LLC.
The San Francisco-based aviation consultant plans to use the proceeds to repay $400 million of its $1.3 billion senior secured term loan and $100 million of its unsecured revolver.
| Issuer: | Macquarie AirFinance Holdings Ltd.
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | March 30, 2029
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| Left active bookrunner: | Citigroup Global Markets Inc.
|
| Joint active bookrunners: | J.P. Morgan Securities LLC and MUFG Securities Americas Inc.
|
| Joint bookrunners: | BMO Capital Markets Corp., BNP Paribas Securities Corp., DBS Bank, HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and Natixis Securities Americas LLC
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | 372 bps
|
| First call: | Sept. 30, 2025 at 104.063
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| Trade date: | Sept. 11
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| Settlement date: | Sept. 18
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| Ratings: | S&P: BB+
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¼% area
|
| Marketing: | Drive-by
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