THY prices EETC

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By TESTCustomwebLP TESTCustomwebLP March 23, 2015 19:45

THY prices EETC

Turkish Airlines (THY) priced its previously announced private offering of one tranche of enhanced equipment trust certificates (EETC). The private offering is comprised of US$328,274,000 in face amount of Class A Certificates with an interest rate of 4.20% per annum and a final expected distribution date of 15 March 2027.

The trust will use the proceeds from the offering to acquire equipment notes to be issued by Bosphorus 2015 LLC, a newly formed Delaware limited liability company, that will be secured by three new Boeing 777-300ER aircraft scheduled to be delivered in March 2015 and April 2015.

The security interest in each of the aircraft will benefit from the protections of the Cape Town Convention as enacted in Turkey.

Proceeds from the sale of the Equipment Notes will be used by the Issuer to fund the acquisition of the Boeing 777-300ER aircraft, which will be leased to Turkish Airlines under a separate finance lease agreement.

The offering is expected to close on 26 March 2015, subject to customary closing conditions.

Citigroup and Goldman Sachs are the joint structuring agents. Citi, Deutsche Bank, Goldman Sachs are joint active bookrunners. BNP is a passive bookrunner.  Citi was also the sole corporate credit rating advisor. Milbank and Allen & Overy provided the legal counsel on the deal.

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By TESTCustomwebLP TESTCustomwebLP March 23, 2015 19:45