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Finnair plans cash tender offer for €120 million of hybrid bonds
By Wendy Van Sickle
Columbus, Ohio, Sept. 28 – Finnair plc said it plans a cash tender offer for its outstanding €120 million hybrid bonds at 106.75% of par plus accrued interest.
The offer will end at 10 a.m. ET on Oct. 7 with settlement set for Oct. 13.
The tender offer is conditioned on completion of a new hybrid bond, according to a company press release.
Danske Bank Oyj (+358 10 513 8794 or debtcapitalmarket@danskebank.com) is the tender agent for the tender offer. Danske Bank AS (+358 10 513 8794 or debtcapitalmarket@danskebank.com) and Morgan Stanley & Co. International plc (+44 0 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) are the dealer managers.
The hybrid bonds were issued in November 2012 and are callable in November 2016.
“Finnair has strong liquidity, which we wish to maintain. With the potential issuance of a new hybrid bonds and the invitation to tender our outstanding hybrid bonds, we are implementing our financing strategy for our wide-body fleet renewal, while maintaining a prudent and flexible capital structure,” Finnair chief financial officer Pekka Vahahyyppa said in the release.
Finnair is a Helsinki, Finland-based airline.
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