Saturday, April 17, 2021

IAG unveils plans for €1 billion bond issue | News

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International Airlines Group has launched a new €1 billion bond issue to steady company finances as it awaits the reopening of travel.

Proceeds from the bond funding are earmarked for ‘general corporate purposes’ including the strengthening of the balance sheet and financial support for “a more prolonged downturn in air travel”.

Additionally, the group of flag-carrier airlines said the injection can provide operational and strategic flexibility to take advantage of a recovery in demand, as it arises.

IAG owns British Airways, Aer Lingus, Iberia and Vueling.

The bonds are being sold in two tranches of €500 million, with the first (Series A) due to mature in March 2025 and the second (Series B) in March 2029.

The issue, which is not being made available to retail investors, will see its coupon determined in a bookbuild process.

Final bond pricing and terms will also be determined in the bookbuild.



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