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Air France launches upsized €800 million two-part notes offer tight to talk
By Paul A. Harris
Portland, Ore., June 24 – Air France-KLM upsized its two-part offering of senior notes to €800 million from €600 million, and launched both tranches tight to talk on Thursday, according to market sources.
A €300 million tranche of three-year notes launched at 3 1/8%, tight to price talk in the 3¼% area, and heard to be playing to €1.7 billion of demand.
A €500 million tranche of five-year notes launched at 4%, tight to talk in the 4 1/8% area, and heard to be playing to €2 billion of demand.
The deal is expected to price later on Thursday.
Deutsche Bank, Santander and Societe Generale are the global coordinators. HSBC and Natixis are joint active bookrunners.
The notes in both tranches have bullet structures, covered by make-whole calls until three months prior to their respective maturities, at which time they become callable at par.
The Paris-based air carrier plans to use the proceeds to repay corporate debt and pay down the state aid package granted in late May 2020.
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