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Air France-KLM: launches bond repurchase offer

(CercleFinance.com) - Air France-KLM has announced that it has launched a tender offer to repurchase three series of existing notes in cash.

The offer relates to notes totalling a par value of 600 million euros, maturing on 18 June 2021, with a rate of 3.875%, a total of 400 million euros, maturing on 12 October 2022, with a rate of 3.750% and the perpetual subordinate bonds totalling a par value of 600 million euros, bearing a rate of 6.250%.

"The Tender Offer is conditional upon the settlement of a new issue of senior fixed rate benchmark notes denominated in euros (the "New Notes") which would be launched concurrently with the Tender Offer and the net proceeds of which would be used to fund all or part of the Tender Offer and for general corporate purposes," the company said.

"The Tender Offer, combined with the new issue of senior notes, will contribute to reduce the overall cost of debt and
extend its maturity profile".

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