AF-KLM has redeemed 500 million euros of the outstanding 4 billion euros bank loan guaranteed by the French State (the “PGE”) and negotiated a revision of the redemption profile with a maturity extended from May 2023 to May 2025
December 13 2021 - 1:00AM
AF-KLM has redeemed 500 million euros of the outstanding 4 billion
euros bank loan guaranteed by the French State (the “PGE”) and
negotiated a revision of the redemption profile with a maturity
extended from May 2023 to May 2025
Roissy, December 13, 2021
Air France-KLM has
redeemed 500
million euros of
the outstanding 4 billion
euros bank loan guaranteed by the French State
(the
“PGE”)
and negotiated a revision of the redemption
profile with a maturity extended
from May 6, 2023 to
May 6, 2025
Following early signs of a recovery of the worldwide air
traffic, combined with an improved access to capital markets, Air
France-KLM has agreed with the syndicate of the 9 banks of the PGE
and the French State to redeem 500 million euros of the outstanding
bank loan notional, bringing it down to 3.5 billion euros and,
concomitantly, to amend its redemption profile by substituting the
single repayment initially due on May 6, 2023 with a new maturity
on May 6, 2025, at the latest, at Air France-KLM’s discretion, as
follows:
▪ May 2023: partial redemption of 800 million
euros,which leads to an outstanding amount of 2.7 billion
euros,
▪ May 2024: partial redemption of 1.35 billion
euros,which leads to an outstanding amount of 1.35 billion
euros,
▪ May 2025: final redemption of 1.35 billion
euros.No more outstanding amount further.
This partial redemption combined with the now
amortized redemption profile of the PGE is a new milestone on the
restructuring path of the debt profile and of the balance sheet of
the Group Air France-KLM, following the 1 billion euros capital
increase and the conversion of a 3 billion euros French State loan
into 3 perpetual bonds in April 2021, the issuances of 800 million
euros dual tranches senior bonds in July 2021 as well as the EMTN
(Euro Medium Term Notes) program in September and the solicited ESG
rating obtained from Standard and Poor’s in October.
As previously disclosed, discussions are ongoing
on further capital strengthening measures at Air France-KLM Group
level. These measures could include instruments such as the
issuance of equity or quasi-equity instruments, depending on market
conditions.
Investor relations |
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Press |
Olivier
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Michiel
Klinkers |
+33 1 41 56 56
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+33 1 49 89 52
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+33 1 49 89 52
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olgall@airfranceklm.com Website:
www.airfranceklm.com |
michiel.klinkers@airfranceklm.com |
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