28th Jun 2019 13:03
(Alliance News) - British Airways and Iberia parent International Consolidated Airlines Group SA on Friday said it will raise EUR1 billion via issue of two tranches of senio unsecured bonds.
The airline operator intends to raise EUR500 million via an issue of bonds due July 4, 2023 and a further EUR500 million via an issue of bonds due July 4, 2027.
Net proceeds the two offerings will be used by IAG for general corporate purposes, including to fund the repurchase of IAG's outstanding EUR500 million 0.25% convertible bonds due 2020.
IAG had announced that buyback on Monday, raising the repurchase price on Wednesday to EUR100,350 per EUR100,000 face value. On Monday, IAG had said it was considering a new euro-denominated bond issue and said the repurchase depended on the issue's success.
Shares in IAG were trading 4.8% higher at 476.30 pence each on Friday afternoon in London.
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