Slaughter and May advised International Consolidated Airlines Group, S.A. on its €1.2 billion bond issuance

Slaughter and May advised 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 senior unsecured bonds in an aggregate amount of €1.2 billion (the Bonds). The Bonds are divided into two tranches: the Series A Bonds bear interest at a rate of 2.75% per annum and reach maturity on 25 March 2025; the Series B Bonds bear interest at a rate of 3.75% per annum and reach maturity on 25 March 2029.

The proceeds of the Bond will be used by IAG for its general corporate purposes, including but not limited to: strengthening the Group’s balance sheet and increasing its overall liquidity position, helping the Group withstand a more prolonged downturn in air travel and providing the Group with the operational and strategic flexibility to take advantage of a recovery in demand for air travel.

Goldman Sachs, Morgan Stanley, BBVA and Santander acted as Joint Global Co-ordinators and Joint Lead Bookrunners and were advised by Linklaters, Madrid office.

Slaughter and May worked closely with J&A Garrigues, who advised IAG on matters of Spanish law.