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Air France launches €1 billion unrated unsecured notes in two parts
By Paul A. Harris
Portland, Ore., Jan. 9 – Air France-KLM launched €1 billion of unrated senior notes on Monday, according to market sources.
The deal includes €500 million of notes due May 31, 2026 launched at 7 3/8%, tight to talk in the 7½% area. Initial guidance was in the 7¾% area.
The offering also includes €500 million of notes due May 31, 2028 launched at 8¼%, tight to talk in the 8 3/8% area. Initial guidance was in the 8½% area.
At the time of launch, demand for the long three-year notes was approximately €1.4 billion, while demand for the long five-year notes was approximately €1.3 billion, a market source said.
Deutsche Bank, HSBC, Natixis, SG and Credit Agricole are the bookrunners.
The prospective issuer is a Paris-based air carrier.
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