(Bloomberg) -- A consortium led by RRJ Capital is nearing an agreement to buy more than $600 million of convertible preference shares in VistaJet Group Holding SA as the investment firm seeks to tap demand for private jet chartering, people familiar with the matter said.
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Members of the consortium would be able to convert their holdings into ordinary shares when VistaJet has an initial public offering, which is likely in the next three years, the people said, asking not to be identified because the talks are private. The parties may reach a deal as soon as in the coming weeks, the people said.
VistaJet, founded by chairman Thomas Flohr in 2004, will use funds from the preference share sale to primarily cut debt, the people said. The company has about $4 billion in debt, one of the people said.
Considerations are ongoing and there’s no guarantee that an agreement will be reached, the people said. RRJ Capital declined to comment. VistaJet didn’t immediately respond to a request seeking comment.
Malta-based VistaJet hasn’t decided on a venue for an IPO yet, the people said.
RRJ Capital was founded by former Goldman Sachs Group Inc. banker Richard Ong. Charles Ong, co-chairman and Richard’s brother, was previously chief investment officer and chief strategy officer at Singapore state-owned investor Temasek Holdings Pte.
RRJ Capital’s recent deals include participating in Yinson Production Offshore Pte’s $1 billion convertible preferred share issue, a loan agreement with Bohai Leasing Co. and subscribing to Luye Pharma Group Ltd. convertible bonds.
VistaJet has more than 300 aircraft, including Bombardier, Gulfstream, Embraer, Cessna and Dassault, its website shows.
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