TIDMIAG
RNS Number : 7006S
International Cons Airlines Group
18 March 2021
BOND LAUNCH
IAG announces today the issue of two series of senior unsecured
bonds (the "Offering").
-- The first tranche has a proposed initial principal amount of
approximately EUR 500,000,000.00 due 25
March 2025 (the " Series A Bonds ").
-- The second tranche has a proposed initial principal amount of
approximately EUR 500,000,000.00 due 25
March 2029 (the " Series B Bonds " and, together with the Series A Bonds, the "Bonds").
Pursuant to the above, the aggregate principal amount of the
Bonds issued shall be about EUR 1,000,000,000.00.
The final terms of the Bonds, including the principal amount of
each series and the aggregate principal of all the Bonds, are
expected to be determined and announced shortly and settlement is
expected to take place on or about 25 March 2021.
The target market for the Bonds is eligible counterparties and
professional clients only. The Bonds are not intended to be
offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in
the EEA. No EU PRIIPs Regulation key information document has been
prepared as the Bonds are not available to retail investors in the
EEA. The Bonds are not intended to be offered, sold or otherwise
made available to and should not be offered, sold or otherwise made
available to any retail investor in the UK. No UK PRIIPs Regulation
key information document has been prepared as the Bonds are not
available to retail investors in the UK.
The Bonds shall bear a fixed rate of interest of which shall be
determined as part of the bookbuilding process. The intention of
IAG is that the Bonds will be issued at 100 per cent of their
principal amount and, unless previously redeemed, purchased or
cancelled, will be redeemed at 100 per cent. of their principal
amount on the respective maturity dates of the Bonds. The final
issuance price shall be determined during the bookbuilding
process.
IAG will have the option to redeem all of the Bonds according to
their terms and conditions.
The net proceeds from the Offering will be used by IAG for
general corporate purposes (including but not limited to (i)
strengthening the Group's balance sheet and increasing the Group's
overall liquidity position; (ii) helping the Group withstand a more
prolonged downturn in air travel; and (iii) providing the Group
with the operational and strategic flexibility to take advantage of
a recovery in demand for air travel).
An application will be made to Euronext Dublin for the Bonds to
be admitted to the Official List and to trading on the regulated
market. The Regulated Market of Euronext Dublin is a regulated
market for the purposes of MiFID II.
Goldman Sachs Bank Europe SE, Morgan Stanley Europe SE, Banco
Bilbao Vizcaya Argentaria, S.A. and Banco Santander, S.A. act as
Joint Global Co-ordinators and as Joint Lead Bookrunners. BofA
Securities Europe SA and Crédit Agricole Corporate and Investment
Bank act as Passive Bookrunners. MUFG Securities (Europe) N.V.,
NatWest Markets N.V. and Standard Chartered Bank act as Co-
Managers.
Stephen Gunning
Chief Financial Officer
18 March 2021
LEI: 959800TZHQRUSH1ESL13
This announcement contains inside information and is disclosed
in accordance with the Company's obligations under the Market Abuse
Regulation (EU) No 596/2014.
IMPORTANT NOTICE:
This announcement is directed exclusively at market
professionals and institutional investors, is for information
purposes only and is not to be relied upon in substitution for the
exercise of independent judgement. It is not intended as investment
advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy, any
security nor is it a recommendation to buy or sell any security.
Any decision to purchase any of the securities should only be made
on the basis of an independent review by you of the Issuer's
publicly available information and based upon the final terms and
conditions in respect of the Bonds. None of the Joint Lead
Bookrunners, the Passive Bookrunners, the Joint Global Coordinators
or the Co-Managers (together, the "Managers") nor any of their
respective affiliates accepts any liability arising from the use
of, or makes any representation as to the accuracy or completeness
of, this announcement, the final terms and conditions or the
Issuer's publicly available information.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States. The
distribution of this announcement may be restricted by law in
certain jurisdictions and persons into whose possession any
document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any
failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.
This announcement and any offer when made are only addressed to
and directed, in member states of the European Economic Area, at
persons who are "qualified investors" within the meaning of Article
2(e) of Regulation (EU) 2017/1129 of the European Parliament and of
the Council of 14 June 2017, as amended (the "Prospectus
Regulation") ("qualified investors"). Each person who initially
acquires any securities or to whom any offer of securities may be
made will be deemed to have represented, acknowledged and agreed
that it is a "qualified investor" within the meaning of Article
2(e) of the Prospectus Regulation.
In the United Kingdom, this document is being distributed only
to, and is directed only at, persons who are qualified investors
within the meaning of Article 2(e) of the Prospectus Regulation, as
amended, as it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 who are (i) persons having professional
experience in matters relating to investments falling within the
definition of "investment professionals" in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the "Order"), or (ii) high net worth entities
falling within Article 49(2)(a) to (d) of the Order, or (iii) are
other persons to whom it may otherwise lawfully be communicated
(all such persons together being referred to as "relevant
persons").
This announcement must not be acted on or relied on (i) in the
United Kingdom, by persons who are not relevant persons, and (ii)
in any Member State of the European Economic Area, by persons who
are not qualified investors. Any investment or investment activity
to which this communication relates is available only to qualified
investors in the EEA and relevant persons in the United Kingdom and
will be engaged in only with relevant persons.
This announcement or electronic transmission hereof does not
constitute or form part of an offer to sell securities or the
solicitation of any offer to subscribe for or otherwise buy any
securities to any person in the United States, Australia, Canada or
Japan or in any jurisdiction to whom or in which such offer or
solicitation is unlawful.
Each of the Managers is acting on behalf of the Issuer and no
one else in connection with the offering of the Bonds and will not
be responsible to any other person for providing the protections
afforded to clients of such Managers or for providing advice in
relation to the Bonds or any transaction, matter or arrangement
referred to in this announcement.
In connection with the offering of the Bonds, the Managers and
any of their affiliates, acting as investors for their own accounts
or for the accounts of others, may subscribe for or purchase bonds
and in that capacity may retain, purchase, sell, offer to sell or
otherwise deal for their own accounts or for the accounts of others
in such bonds and any other securities of the Issuer or related
investments in connection with the Bonds, the Issuer or otherwise.
Accordingly, references to the Bonds being issued, offered,
subscribed, acquired, placed or otherwise dealt in should be read
as including any issue or offer to, or subscription, acquisition,
placing or dealing by, the Managers and any of their respective
affiliates acting as investors for their own accounts. The Managers
do not intend to disclose the extent of any such investment or
transactions otherwise than in accordance with any legal or
regulatory obligations to do so.
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END
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