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 €400 million perpetual subordinated bonds.
The bonds, which were issued on April 1, 2015 and 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.
The White & Case team in Paris was led by partners Cenzi Gargaro and Philippe Herbelin with support from associates Grégoire Karila, Antonin Deslandes and Béatrice Constans. Partner Alexandre Ippolito and associate Marcus Schmidbauer advised on tax issues.
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