Air France-KLM and Apollo Global Management announce the upsizing and the completion of a quasi-equity financing of €1.5 billion
2023年12月1日 - 2:44AM
Air France-KLM and Apollo Global Management announce the upsizing
and the completion of a quasi-equity financing of €1.5 billion
Paris, 30th November 2023
Air France-KLM and Apollo Global
Management announce the upsizing and the completion of a
quasi-equity financing of €1.5 billion
Following the signing on October 26, 2023, of a
definitive agreement between Air France-KLM and Apollo (NYSE: APO)
regarding the financing of a dedicated operating affiliate of Air
France-KLM, the companies today announce that they have completed
the transaction for an upsized total amount of €1.5 billion.
The financing by Apollo-managed and third-party
investment vehicles supports a dedicated operating affiliate of Air
France-KLM that holds the trademark and most of the commercial
partners contracts related to Air France and KLM’s joint loyalty
program (“Flying Blue”) as well as the exclusive right to issue
"Miles” for the airlines and their partners. The financing is
accounted for as equity under IFRS. As announced by Air France-KLM
during its Q3 2023 results, this outcome materializes the steps
implemented by the Group to restore its IFRS equity to positive by
year end.
The transaction upsize to €1.5 billion reflects
strong investor confidence and the quality of Air France-KLM Flying
Blue Miles issuance activity. The transaction terms disclosed in
late October 26, 2023, remain unchanged, with a fixed coupon of
6.4% p.a. for the first four years, with the right for Air France
KLM to redeem with at overall financing fixed cost of 6.75% at the
first call date.
Steven Zaat, Air France-KLM Chief Financial
Officer, stated: “We are delighted to confirm today the upsize and
closing of this quasi-equity financing which represents a
significant step further to strengthen Air France-KLM’s balance
sheet at attractive funding terms. This also represents a strategic
milestone and clear recognition of our successful Flying Blue
program miles activity as well as its potential scalability.”
Apollo Partner Jamshid Ehsani said: “We are very
pleased to be part of this inaugural European mileage capital
investment with Air France-KLM. The transaction was well received
by our investors, both those within the broad Apollo platform as
well as select third-party investors, including sovereign wealth
funds and multinational insurance companies.”
The agreed structure will incur no material
changes for Flying Blue members. Air France-KLM will continue
managing and operating the Flying Blue loyalty program, and Air
France and KLM will each keep full control on the Flying Blue
customer database. In addition, the financing structure will not
affect social aspects for Air France, KLM nor Air France-KLM
employees’ contracts.
Deutsche Bank AG and Skadden, Arps, Slate,
Meagher & Flom LLP and Allen & Overy are acting as
exclusive financial and legal advisors to Air France-KLM. Apollo
Funds were advised by Barclays PLC as financial advisor, and
Milbank LLP, Latham & Watkins LLP and NautaDutilh as legal
advisors. Apollo Capital Solutions provided structuring and
syndication services in connection with the transaction.
Investor
Relations
Michiel
Klinkers Marouane
Mami
michiel.klinkers@airfranceklm.com marouane.mami@airfranceklm.com
Website: www.airfranceklm.coms
Apollo
Investor Relations
Noah GunnGlobal Head
of Investor RelationsApollo Global Management, Inc.(212)
822-0540IR@apollo.com
Joanna RoseGlobal Head
of Corporate CommunicationsApollo Global Management, Inc.(212)
822-0491Communications@apollo.com
- Air France-KLM and Apollo Global Management announce the
upsizing and the completion of a quasi-equity financing of €1.5
billion
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