News and Analysis
Barclays pre-markets Air Transport Services Group buyout debt
- Dan Milka
- +Bill Weisbrod
•2 min read
A group of banks led by Barclays is pre-marketing debt backing Stonepeak’s buyout of air cargo leasing agency Air Services Transport Group, according to 9fin sources.
The transaction, which comprises a $1.4bn term loan B due 2032 and $500m of senior secured notes due 2032, is being shopped with pro-forma net leverage of 3.2x based on $592m of LTM EBITDA through Q3 2024. Sources cautioned that the structure may change depending on demand.
Marketing efforts will likely be launched to a broader group of investors as early as next week, sources also said.
RBC, Wells Fargo and Jefferies are providing debt financing alongside Barclays, according to SEC filings.
