Commentary & Deal Flow

Back in the market: ASG Finance Designated Activity Company (Avia Solutions Group) (AVIASG) US$300m 144A/Reg S sr notes due 05/15/29 (5y). NC2 (MWC). NR/BB-/BB (--/stable/stable). Unconditionally and irrevocably guaranteed by the Parent Guarantor and certain of its subsidiaries. Via Citi (B&D)/MS jt books. No reg rights. List Dublin. English law. Semi-pay. Settles 05/15. ISIN: XS2815876920. Px talk: 9.75%-10%.

Final price: 9.75% at par.

Books close at 2:45pm UKT / 9:45am NYT today. Pricing today. UOP: redeem its US$180.333m 7.875% notes due 12/03/24 (callable at 100), and the rest for GCP. Biz: a wholly-owned subsidiary of Avia Solutions Group (ASG) Plc (the Parent Guarantor), one of the world’s largest providers of flexible outsourced passenger and cargo capacity solutions with operations in more than 46 countries across five continents, HQ: Dublin, Ireland.

This deal was originally in the market last month. The original investor call mandate for this deal was announced 04/24 (calls to run 04/25-26) with a $400m 5yNC2 sr notes deal expected to follow. The deal was then officially announced 04/29 with IPT of 9%-low 9s. Then on 04/30 the deal launched at a reduced $300m size at 9.25%, but at the end of the day Avia announced that it had decided not to proceed with the deal at that time.