Intrepid Aviation Group Holdings, LLC (“Intrepid”) announced today that it intends to offer senior notes due 2021 (the “Notes”) in an aggregate principal amount of $515 million in a private offering (the “Offering”), subject to market conditions and other factors. The Notes will be co-issued by Intrepid’s wholly owned subsidiary, Intrepid Finance Co. (together with Intrepid, the “Issuers”).
Intrepid intends to use the net proceeds of the Offering, together with cash on hand, to redeem in full the aggregate outstanding principal amount of the Issuers’ 6.875% Senior Notes due 2019 (the “Existing 2019 Notes”), of which $515,000,000 aggregate principal amount remain outstanding, at par.
The Notes will be senior unsecured obligations of Intrepid and Intrepid Finance Co. The Offering is subject to customary conditions, and there can be no assurances that the Offering will be consummated.
The Issuers issued a conditional notice of redemption on July 11, 2018 with respect to the outstanding Existing 2019 Notes, which provides for the redemption of the Existing 2019 Notes on August 10, 2018 at a redemption price equal to par plus accrued and unpaid interest. This press release shall not constitute a notice of redemption of the Existing 2019 Notes. The redemption is being made solely pursuant to the conditional notice of redemption provisions in the indenture governing the Existing 2019 Notes and is subject to the conditions specified therein, and the information in this press release is qualified in its entirety by such notice.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. As a result, they may not be offered or sold in the United States or to any U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Notes will be offered only to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States under Regulation S under the Securities Act.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.