DGAP-Adhoc
Air Berlin PLC: Etihad contributes EUR 300 million to the company accounted for as equity cap-ital by subscribing to subordinated convertible bonds with no maturity date in an aggregate principal amount of EUR 300 million - Air Berlin PLC plans to issue n
Air Berlin PLC / Key word(s): Bond
27.04.2014 22:07
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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London, 27 April 2014 - Air Berlin PLC announces that Etihad Airways
P.J.S.C. has undertaken to subscribe for subordinated convertible bonds to
be issued by Air Berlin Finance B.V., and guaranteed by Air Berlin PLC, in
an aggregate principal amount of EUR 300 million with a coupon of 8.00 per
cent. p.a. (the "Convertible Bonds"). The Convertible Bonds (with any
accumulated interest) will be convertible into ordinary registered shares
of Air Berlin PLC at a conversion rate of EUR 1.79, subject to certain
conditions. Any shares issued on conversion of the Convertible Bonds will
be issued on a non-pre-emptive basis.
The Convertible Bonds have no maturity date (perpetual bonds). Air Berlin
Finance B.V. may elect, but is not required, to pay interest under the
Convertible Bonds. Should it elect not to pay interest, the interest will
be accumulated and added to the original debt. The Convertible Bonds will
be treated as equity capital of the Air Berlin Group under the
International Financial Reporting Standards (IFRS). The Convertible Bonds
are to be issued in three tranches of EUR 100 million each. The issue of
the first tranche of the Convertible Bonds is expected to occur on or
before 20 May 2014, the issue of the further tranches on 28 August 2014 and
27 November 2014. Air Berlin PLC intends to use the proceeds from the issue
of the Convertible Bonds for working capital, refinancing and general
corporate purposes. Further, the term of the shareholder loan granted by
Etihad in the amount of USD 255 million of which USD 135 million are
currently drawn has been extended from 31 December 2016 to 31 December
2021.
Additionally, Air Berlin PLC plans to issue corporate bonds to (i) make an
exchange offer to the holders of its outstanding bonds due 1 November 2014
with an aggregate principal amount of EUR 150 million and its outstanding
bonds due 10 November 2015 with an aggregate principal amount of EUR 200
million and (ii) raise an additional amount of EUR 150 million or the
equivalent in CHF. The exchange offer will allow existing bondholders to
offer to exchange their notes for new notes due 2019 to be issued by Air
Berlin PLC. At the election of the holders, the notes can be exchanged in
P.J.S.C. has undertaken to subscribe for subordinated convertible bonds to
be issued by Air Berlin Finance B.V., and guaranteed by Air Berlin PLC, in
an aggregate principal amount of EUR 300 million with a coupon of 8.00 per
cent. p.a. (the "Convertible Bonds"). The Convertible Bonds (with any
accumulated interest) will be convertible into ordinary registered shares
of Air Berlin PLC at a conversion rate of EUR 1.79, subject to certain
conditions. Any shares issued on conversion of the Convertible Bonds will
be issued on a non-pre-emptive basis.
The Convertible Bonds have no maturity date (perpetual bonds). Air Berlin
Finance B.V. may elect, but is not required, to pay interest under the
Convertible Bonds. Should it elect not to pay interest, the interest will
be accumulated and added to the original debt. The Convertible Bonds will
be treated as equity capital of the Air Berlin Group under the
International Financial Reporting Standards (IFRS). The Convertible Bonds
are to be issued in three tranches of EUR 100 million each. The issue of
the first tranche of the Convertible Bonds is expected to occur on or
before 20 May 2014, the issue of the further tranches on 28 August 2014 and
27 November 2014. Air Berlin PLC intends to use the proceeds from the issue
of the Convertible Bonds for working capital, refinancing and general
corporate purposes. Further, the term of the shareholder loan granted by
Etihad in the amount of USD 255 million of which USD 135 million are
currently drawn has been extended from 31 December 2016 to 31 December
2021.
Additionally, Air Berlin PLC plans to issue corporate bonds to (i) make an
exchange offer to the holders of its outstanding bonds due 1 November 2014
with an aggregate principal amount of EUR 150 million and its outstanding
bonds due 10 November 2015 with an aggregate principal amount of EUR 200
million and (ii) raise an additional amount of EUR 150 million or the
equivalent in CHF. The exchange offer will allow existing bondholders to
offer to exchange their notes for new notes due 2019 to be issued by Air
Berlin PLC. At the election of the holders, the notes can be exchanged in
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