By Paul A. Harris
Portland, Ore., May 21 - US Airways Group Inc. priced an upsized $500 million issue of non-callable five-year senior notes (Caa2/CCC+/B-) at par to yield 6 1/8% on Tuesday, according to a syndicate source.
The deal had been talked to yield in the low-to-mid 6% range.
The deal was upsized from $400 million.
Citigroup Global Markets Inc. was the left bookrunner.
Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC were the joint bookrunners.
The Tempe, Ariz.-based airline plans to use the proceeds for general corporate purposes.
| Issuer: | US Airways Group Inc.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | June 1, 2018
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 530 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | May 21
|
| Settlement date: | May 24
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Fitch: B-
|
| Distribution: | SEC registered
|
| Price talk: | Low-to-mid 6%-range
|
| Marketing: | Quick to market
|
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