airBaltic has priced an additional €40 million ($43.2 million) of its 14.50% senior secured notes which are due 2029.
Originally issued in May of this year –the total issue size is now € 380 million ($410 million) – with this issuance aligning with the Latvian flag carrier’s financial plan, as the company grows and moves towards its potential initial public offering (IPO).
In a statement the airline said: “airBaltic regularly evaluates strategies to mitigate macroeconomic and sector-specific challenges, and in the current climate, enhancing access to liquidity sources is a prudent approach. Proceeds from this issuance will reinforce airBaltic’s liquidity position, further enabling it to pursue its strategic initiatives.”
The settlement of the bonds is expected to take place on October 24, 2024, and the bonds will be listed on the Euronext Dublin stock exchange.