Slaughter and May is advising International Consolidated Airlines Group, S.A. on its €825,000,000 bond issuance

Slaughter and May is advising International Consolidated Airlines Group, S.A. (IAG), the owner of British Airways, Iberia, Aer Lingus and Vueling (together, the Group), on its issue of euro-denominated convertible bonds in an aggregate amount of €825 million (the Bonds). The Bonds bear interest at a rate of 1.125% per annum, maturing in May 2028. Application is intended to be made for the Bonds to be admitted to trading on the unregulated open market (Freiverkehr) of the Frankfurt Stock Exchange

The proceeds of the Bond will be used by IAG to strengthen the Group’s balance sheet and increase the Group’s overall liquidity position and provide the Group with increased operational and strategic flexibility to take advantage of a recovery in demand.

BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft and HSBC are acting as Joint Global Coordinators and Joint Bookrunners and BNP PARIBAS, Citigroup Global Markets Europe AG and Credit Suisse are acting as Co-Bookrunners and Caixabank, Commerzbank Aktiengesellschaft, MUFG and SMBC Nikko are acting as Co-Managers.

Slaughter and May is advising IAG as part of a joint team with J&A Garrigues, who are acting in relation to matters of Spanish law.