By Paul A. Harris
Portland, Ore., May 9 - Air Berlin plc announced in a press release that it has priced €170 million of new 6¾% notes and CHF 100 million of new 5 5/8% notes.
The euro-denominated bonds came at the wide end of the 6% to 6¾% guidance.
The Swiss franc-denominated bonds came within the 5½% to 6¼% guidance.
The new notes were sold mostly to retail investors, a sellside source said.
The notes came in addition to the bonds to be issued in the context of a recapitalization that also includes an exchange offer and the issuance of €300 million of 8% subordinated convertibles by Air Berlin Finance BV to Etihad Airways PJSC and the extension of Air Berlin's partially undrawn credit facility with its largest shareholder to 2021 from 2016.
The Berlin-based air carrier said that it intends to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Air Berlin plc
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| Euro-denominated bonds
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| Amount: | €170 million
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| Coupon: | 6¾%
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| Price talk: | 6% to 6¾%
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| Swiss franc bonds
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| Amount: | CHF 100 million
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| Coupon: | 5 5/8%
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| Price talk: | 5½% to 6¼%
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