White & Case Advises Joint Lead Managers on Hybrid Bond Issuance and Simultaneous Tender Offer by Finnair
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Global law firm White & Case LLP has advised the joint lead managers (Citigroup Global Markets Limited, Nordea Bank Abp and OP Corporate Bank plc) on the issuance of €200 million hybrid bonds by Finnair plc, the largest airline in Finland.
"This bond issuance is the first to be completed for a European airline since the outbreak of the COVID-19 pandemic," said White & Case partner Mikko Hulkko, who led the Firm's deal team. "It follows our role advising the managers on the €512 million rights offering by Finnair in July of this year and is further evidence of White & Case's aviation industry expertise."
The bonds will bear interest at a fixed interest rate of 10.25% per annum until the step-up date of September 3, 2023, and thereafter the interest rate will be 15.25% per annum.
White & Case also advised the deal managers (Citigroup Global Markets Limited, Nordea Bank Abp and OP Corporate Bank plc) and tender agent (Nordea Bank Abp) in Finnair plc's simultaneous tender offer to all holders of its outstanding €200 million 7.875% capital securities issued in 2015.
The White & Case team in Helsinki which advised on the transaction was led by partner Mikko Hulkko and included partner Petri Avikainen and associates Jenni Nygård, Jon Termonen, Thomas Killeen and Tommi Kolehmainen.
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