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White & Case Advises Banks on Air France-KLM’s French State-Guaranteed €4 Billion Term Loan

Global law firm White & Case LLP has advised Crédit Agricole Corporate and Investment Bank, HSBC France, Natixis, Deutsche Bank Luxembourg S.A., Société Générale, Banco Santander, S.A., BNP Paribas, Crédit Industriel et Commercial and Crédit Lyonnais on the implementation of a €4 billion Term Loan facility guaranteed by the French state for Air France-KLM.

The loan will be guaranteed up to 90 percent by the French state and has an initial maturity of 12 months, with a one or two-year extension option, exercisable by Air France-KLM. It is the largest of its type in France to date.

Completed during the coronavirus crisis, the loan is part of the support for Air France and is accompanied by a €3 billion shareholder loan from the French state to Air France-KLM. The aid was approved by the European Commission on May 4, 2020 and is designed to enable the Air France-KLM Group to guarantee Air France and its subsidiaries the means to meet their operational needs.

The White & Case team in Paris which advised on the transaction was led by partners Denise Diallo and Philippe Herbelin and included partners Emilie Rogey, Jean-Luc Champy, Yann Utzschneider, Estelle Philippi and Clara Hainsdorf, with support from counsel Orion Berg and associates Alicia Bali, Isabelle Touré-Farah, Barbara Bensoussan, Quirec de Kersauson, Solène Eder and Claire Sardet. 

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