VISTA ANNOUNCES EXCEPTIONAL PERFORMANCE FOR 2021
AND STARTS 2022 WITH PRICING OF $1 BILLION OF 6.375% SENIOR UNSECURED NOTES
Record sales across Vista’s core subscription offerings
with demand doubling from pre-pandemic levels across both VistaJet and XO brands
- Significant 64% increase in global flight hours across Vista brands for 2021 as demand for flights surges;
- Record client growth with increase of 26% in Members YOY at VistaJet and 68% in XO Deposit Memberships;
- 2022 off to a groundbreaking start with pricing of $1 billion of 6.375% Senior Unsecured Notes due 2030;
- Seven fully operational Global 7500 offering Members the most premium flying solution in the market, with around seven more expected by the end of 2022;
- 30 new aircraft demonstrate Vista’s ongoing investment in the expansion of its over 200-strong global fleet;
- Remains confident in VistaJet becoming the first in the industry to achieve carbon neutrality by 2025.
Dubai, January 25, 2022: Vista Global Holding (Vista), the world’s leading private aviation group, provides a 2022 market update and overview into the exceptional 2021 performance for all its operating divisions, including its market-leading VistaJet and XO brands.
2021 was yet another record-breaking year for Vista, with sales of the Group’s subscription solutions and services increasing 59%. As the largest on demand charter provider by hours flown, the Group has seen a rapid increase year-on-year of 64% in global flight hours across its operating companies, representing a 57% rise on pre-pandemic figures. Vista already serves more than half of the top 10 largest global companies, with VistaJet and XO reaching over 350,000 of the most desirable clients around the world.
This strong performance is coupled with record-breaking flying hours across both brands, with VistaJet selling over 22,000 annual subscription hours in 2021 — an increase of 90% compared with 2020 figures — and number of Members increasing year-on-year globally by 26%, continuing to convert aircraft ownership to the brand’s subscription model. Additionally, a massive influx of business travelers choosing private aviation over commercial flying as uncertainty remains was seen across the Group. XO Deposit Members increased 68% in 2021 and there was a huge increase in technology adoption by Members, with 84% of flights generated through XO’s marketplace.
2022 has continued apace. On January 20, 2022 Vista successfully priced an offering of $1 billion of Senior Unsecured Notes due 2030 by two of its subsidiaries, VistaJet Malta Finance P.L.C and XO Management Holding, Inc.*. The offering was more than five times oversubscribed with exceptional demand from investors — validating the strength of Vista’s business model. The transaction has raised additional liquidity while simultaneously substantially reducing Vista’s cost of borrowing relative to its existing Senior Notes.
Thomas Flohr, Vista’s Founder and Chairman said: “2021 has been an incredibly strong year for Vista and we have delivered all–time record-breaking figures as a result of the huge demand for our subscription, Membership and On Demand offerings. There is clearly a paradigm shift in the global client’s view of private aviation and Vista’s world-leading position has enabled clients across the globe to experience its benefits as a critical mobility solution. Vista’s shared economy, asset light and subscription strategy is accelerating this trend.
“We are seeing contract sizes grow significantly across both VistaJet and XO and we are working around the clock to ensure we have necessary infrastructure and capabilities in place to ensure the complete flexibility and diversification of our services in the most sustainable way.
“We have added over 30 aircraft during the year, strengthening Vista’s over 200-strong fleet offering. Having a fleet of Global 7500 now fully operational has been a game-changing moment since its launch in 2021, and we will build on its success by adding even more new Global 7500 aircraft to strengthen our global offering by the end of 2022.
“The accelerated completion and upsizing of our unsecured bond is transformational, demonstrating the clear and strong investor confidence in Vista and providing us with a strong platform to deliver our exciting vision and ambitions.
“We are continuing to dominate the business aviation world, by evolving and innovating every aspect of our services to provide the most advanced flying solutions at the very best value to our rapidly growing members’ base. This is only possible thanks to our expanding team of dedicated and passionate colleagues with hundreds more aviation experts helping to deliver our services to the incoming demand during 2021. We are best placed in the industry to capture new opportunities and we expect strong business momentum and sustainable growth throughout 2022 as we remain extremely confident about the future.”
The continued positive outlook and the long-term stability provided by its membership business model provides Vista with certainty to invest in its services as it continues to distinguish itself as the leading global luxury offering in the market.
Vista remains fully committed to constantly upgrade its services across its entire fleet, ensuring Members have the most unparalleled in-flight experience. The refurbishment of all VistaJet Global and Challenger aircraft is expected to complete by the end of 2022.
The Group recognizes the importance of acting now in the fight against climate change and continued to make significant progress against its strategic sustainability objectives throughout 2021. VistaJet is proud to have been able to offer global access to Sustainable Aviation Fuel to all its clients and it remains confident in becoming the first in the industry to achieve carbon neutrality by 2025.
Demand for private aviation is thriving and Vista does not expect this to change for at least the next 12 to 18 months. The Group continues to capitalize on the gaps within the market — both organically and by adding specialist expertise into the Vista universe as demonstrated by the successful integration with Apollo Jets, Talon Air and Red Wing Aviation.
2021 has not been without its challenges, as the global industry continues to face ongoing global supply chains challenges. Vista remains the only group with the global infrastructure and scale, along with the right balance of solutions and global network of partners, to support Members and corporations across the world anywhere and anytime.
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Notes to Editors
Statements in this release are based solely upon information available as of the date of this release, are not a comprehensive statement of the Group’s financial results or positions as of or for the FY-2021, and have not been audited, reviewed, or compiled by an independent registered accounting firm. Thus, the financial information in this release is preliminary, unaudited and subject to revision upon completion of the Group’s closing and audit processes. The Group assumes no obligation to update any information contained herein, save for any information required to be disclosed by law.
* The offering is expected to close on or around January 31, 2022, subject to customary closing conditions.
Proceeds of the offering will be used to redeem Vista’s existing Senior Notes due 2024 and pay fees and expenses related to the offering. Remaining net proceeds will be used for general corporate purposes and to provide Vista with additional liquidity.
BofA Securities, Inc. and Jefferies LLC acted as Joint Physical Book-Running Managers, with Barclays and Credit Suisse as Co-Managers. Latham & Watkins LLP acted as legal counsel for Vista.
Vista Global Holding’s (Vista) subsidiaries provide worldwide business flight services. A global group headquartered at the DIFC in Dubai, Vista integrates a unique portfolio of companies offering asset-free services to cover all key aspects of business aviation: guaranteed and on demand global flight coverage; subscription and Membership solutions; and cutting-edge mobility technology. The Group’s mission is to lead the change to provide clients with the most advanced flying services at the very best value, anytime, anywhere around the world. Vista’s knowledge and understanding of all facets of the industry deliver the best end-to-end offering and technology to all business aviation clients, through its VistaJet and XO branded services and duly licensed carriers. Vista is not a direct air carrier and does not operate or charter flights.
More Vista information and news at www.vistaglobal.com
Vista Global Holding Limited (“Vista”) does not own or operate any aircraft. All flights are performed by FAA-licensed/DOT-registered EASA or U.S. certified Vista group direct air carriers and/or partner operators. Vista holds non-controlling minority stakes in XOJET Aviation, GMJ Air Shuttle, Red Wing Aviation and Talon Air.