Air France-KLM has reported a successful issuance of new bonds totalling €650 million. The five-year paper, which was issued under Air France-KLM’s €4.5bn  Medium Term Note (MTN) programme. The New Notes are rated BBB- by Fitch and BB+ by S&P. The issue reports strong investor demand, with an orderbook above €2.8bn that covered c.4.3x the size of the bonds, which Air France-KLM said was a testament to investors’ confidence in the company. Air France-KLM has also launched a tender offer to repurchase two series of existing notes in cash: €750 million 1.875% notes due January 2025; and €500 million 3.875%

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