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Order HereBritish Airways and Iberia parent International Airlines Group (IAG) is offering €390 million worth of convertible bonds to fund its acquisition of Spanish carrier Vueling.
IAG acquired 44.66% of Vueling April 26. Together with the 45.85% stake it already owns through Iberia, IAG’s total Vueling stake now stands at 90.51%.
At the time, it funded the €123.5 million ($160.2 million) deal with bridge loans from British Airways and Banco Santander. The proceeds of the bonds issue, which launched Tuesday and is expected to close May 31, will partly be used to repay these loans.
“We are raising cash to fund our acquisition of Vueling, an airline that will be a great addition to IAG. It will also enable IAG to have cash available to improve general liquidity and improve the credit profile of the group,” IAG chief executive Willie Walsh said in a statement.
The senior unsecured convertible bond offer will mature May 31, 2018, yielding a fixed interest rate of 1.75 % per annum. Banco Santander, Barclays, Deutsche Bank AG, London Branch, Morgan Stanley and UBS Investment Bank are joint book runners and joint lead managers for
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Order HereBritish Airways and Iberia parent International Airlines Group (IAG) is offering €390 million worth of convertible bonds to fund its acquisition of Spanish carrier Vueling.
IAG acquired 44.66% of Vueling April 26. Together with the 45.85% stake it already owns through Iberia, IAG’s total Vueling stake now stands at 90.51%.
At the time, it funded the €123.5 million ($160.2 million) deal with bridge loans from British Airways and Banco Santander. The proceeds of the bonds issue, which launched Tuesday and is expected to close May 31, will partly be used to repay these loans.
“We are raising cash to fund our acquisition of Vueling, an airline that will be a great addition to IAG. It will also enable IAG to have cash available to improve general liquidity and improve the credit profile of the group,” IAG chief executive Willie Walsh said in a statement.
The senior unsecured convertible bond offer will mature May 31, 2018, yielding a fixed interest rate of 1.75 % per annum. Banco Santander, Barclays, Deutsche Bank AG, London Branch, Morgan Stanley and UBS Investment Bank are joint book runners and joint lead managers for
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereBritish Airways and Iberia parent International Airlines Group (IAG) is offering €390 million worth of convertible bonds to fund its acquisition of Spanish carrier Vueling.
IAG acquired 44.66% of Vueling April 26. Together with the 45.85% stake it already owns through Iberia, IAG’s total Vueling stake now stands at 90.51%.
At the time, it funded the €123.5 million ($160.2 million) deal with bridge loans from British Airways and Banco Santander. The proceeds of the bonds issue, which launched Tuesday and is expected to close May 31, will partly be used to repay these loans.
“We are raising cash to fund our acquisition of Vueling, an airline that will be a great addition to IAG. It will also enable IAG to have cash available to improve general liquidity and improve the credit profile of the group,” IAG chief executive Willie Walsh said in a statement.
The senior unsecured convertible bond offer will mature May 31, 2018, yielding a fixed interest rate of 1.75 % per annum. Banco Santander, Barclays, Deutsche Bank AG, London Branch, Morgan Stanley and UBS Investment Bank are joint book runners and joint lead managers for
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.