White & Case Advises Bank Syndicate on Air France- KLM's €200 Million Assimilated Hybrid Bonds Issuance
Global law firm White & Case LLP has advised Morgan Stanley, Deutsche Bank and BNP Paribas as Structuring Advisers, Crédit Agricole Corporate and Investment Bank and Natixis as Global Coordinators and Bookrunners, and Banco Santander, HSBC and Société Générale as Joint Bookrunners, on the issue by Air France-KLM of €200 million perpetual subordinated bonds assimilated with the €400 million perpetual subordinated bonds issued on April 1, 2015 by Air France-KLM.
The bonds are listed on the regulated market of Euronext Paris, have a first repayment option in 2020 and pay an annual coupon of 6.25 percent until that date, resettable every five years after the first call date. They will rank junior to all senior debt and, in accordance with IFRS, be recognized as 100 percent equity.
White & Case previously advised the same global coordinators and joint bookrunners on Air France-KLM's €400 million perpetual subordinated bonds issued on April 1, 2015.
The White & Case team in Paris which advised on the transaction was led by partners Cenzi Gargaro and Philippe Herbelin with support from associates Grégoire Karila and Antonin Deslandes.
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