. But the link between economic prosperity and luxury travel is among the factors that forced a charter plane company to pay more than it expected for debt funding this week.Swiss billionaire Thomas Flohr
Holders of the notes will receive interest at a rate of 10.5% per year, but deal arranger Credit Suisse sold the notes at a discount, to yield 11%, sources told . That’s more than the roughly 9% pricing the company was initially aiming for, and a significant premium to the 6.8% average for borrowers with It’s also a lot wider than the 7.75% interest rate on Vista’s existing unsecured bonds.
“This company can grow as long as the stock market goes up,” said one credit investor, arguing that Vista’s sales could plummet in a recession. “There are businesses that are counter-cyclical, cyclical, and ultra-cyclical, and this goes into the ultra-cyclical bucket.”
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