12th Nov 2015 17:16
LONDON (Alliance News) - International Consolidated Airlines Group SA Thursday said it is launching an offer of two tranches of senior unsecured bonds, convertible into ordinary shares, of an aggregate EUR1.00 billion.
The first tranche of bonds, due 2020, will have a principal amount of EUR500 million. The second tranche, due 2022, will have the same principal amount.
The bonds will carry a fixed rate of interest of 0.25%, and of 0.625% per year, payable semi-annually in arrear for the 2020 and 2022 bonds respectively.
The conversion price has been set at EUR13.8088 per share. It will use the net proceeds for general corporate purposes, including the repayment of a bridge facility entered into to finance its acquisition of Aer Lingus Group PLC.
Shares in IAG closed down 3.0% at 596.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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