White & Case Advises Air France-KLM on €750 Million Bond Issue and Tender Offer

Global law firm White & Case LLP has advised Air France-KLM on its new bond issue for an amount of €750 million, with a maturity of five years and an annual coupon of 1.875%. 

Air France-KLM has simultaneously launched a tender offer on three outstanding bond issues, financed with the proceeds of the new bond issue. The bonds will be admitted to trading on the regulated market of Euronext Paris.

The bonds were placed through an international private placement to institutional investors. BNP Paribas, Commerzbank Aktiengesellschaft, Deutsche Bank, Morgan Stanley and Santander were acting as joint bookrunners on the new issue.

Air France-KLM is the leading group for intercontinental traffic on departure from Europe. In 2019, it had a network covering 312 destinations in 116 countries through Air France, KLM and Transavia. Air France-KLM shares are listed on the regulated market of Euronext Paris.

White & Case previously advised Air France-KLM in March 2019 on its issue of €500 million bonds convertible into new shares and/or exchangeable for existing shares (OCEANE).

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard and included partner Alexandre Ippolito, with support from associates Boris Kreiss, Guillaume Monnier and Guillaume Keusch.  

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