Aegean Airlines debut bond issuance has raised €200 million. The sale of the seven-year notes, priced at 3.6% and issued at par, was 2.6 times oversubscribed reaching a total book of €527.7 million.
The European Bank for Reconstruction and Development (EBRD) invested €22.5 million since the airline will finance investments in support of the Greek tourism sector.
Aegean plans to use three quarters of the proceeds to partly finance its new aircraft deliveries, with the remainder paying for a new 12,000 square metre training centre with flight simulators at the Athens International Airport (AIA) as well as working capital.
Piraeus Bank and Eurobank were joint coordinators and bookrunners; Alpha Bank and Euroxx Securities were lead underwriters. Euroxx Securities also advised on the deal
Aegean Airlines is Greece’s full-service airline carrier, which currently operates a fleet of 61 aircraft providing scheduled and chartered services as well as cargo services across 153 destinations in 44 countries. Headquartered in Athens and listed on the Athens Stock Exchange, the company has a market capitalisation of over €550 million. It has been a member of Star Alliance since 2010.