TAV Havalimanlari Holding (TAVHL), exp B+/BB by S&P/Fitch, inaugural US$ benchmark 144A/Reg S 5nc2 sr notes due 12/7/28. MWC T+50 until 12/7/25. Standard call: callable from year 2 at par +50%, year 3 at par +25%, year 4 at par. 101 CoC. BofA (B&D)/BNP/Citi joint books. TAV is an airport operator in EMEA and #1 in Turkiye for international O&D passengers, with a diversified portfolio of 15 airports in 8 countries and a service footprint spanning 108 airports globally. Pricing 11/30. Settle 12/7. IPTs: 9% area.
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TAV Havalimanlari Holding, an airport operator in EMEA and #1 in Turkiye for international O&D passengers, with a diversified portfolio of 15 airports in 8 countries and a service footprint spanning 108 airports globally, has mandated BofA Securities, BNP Paribas and Citi as Joint Bookrunners to arrange a series of fixed income investor calls commencing today, Monday 27th November 2023, as well as physical investor meetings in London commencing tomorrow, Tuesday 28th November.
TAV is expected to be rated BB- (Stable) by S&P and BB (Stable) by Fitch. TAV’s controlling shareholder is Aeroports de Paris SA, rated A (S&P) / BBB+ (Fitch), owning 46.12% of TAV’s share capital.
An inaugural US$ benchmark Rule 144A / Reg S 5NC2 senior unsecured notes offering, expected to be rated B+ by S&P and BB by Fitch, will follow subject to market conditions.
A NetRoadshow presentation with a voiceover, alongside the preliminary Offering Circular in relation to the Notes, will be made available. Citi is coordinating logistics.
Relevant stabilisation regulations including FCA/ICMA apply.