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Air France-KLM begins tender offer to buy back three series of notes
By Marisa Wong
Los Angeles, Jan. 6 – Air France-KLM announced it has begun a cash tender offer to repurchase its €600 million outstanding 3 7/8% notes due June 18, 2021, €400 million outstanding 3¾% notes due Oct. 12, 2022 and €600 million 6¼% undated deeply subordinated fixed-rate resettable notes callable in October 2020 with €403.3 million currently outstanding.
The tender offer is conditioned on settlement of a concurrent new issue of euro-denominated senior fixed-rate benchmark notes, proceeds of which would be used to fund all or part of the tender offer.
The company said the tender offer is part of its ongoing dynamic management of its balance sheet structure and, combined with the new notes issue, will help reduce the overall cost of debt and extend its maturity profile.
The tender offer is set to expire on Jan. 13.
The airline is based in Roissy, France.
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