Air France-KLM enters into exclusive discussions with Apollo for a 500-million euros capital injection into an affiliate owning spare engines
20 Maio 2022 - 3:00AM
Air France-KLM enters into exclusive discussions with Apollo for a
500-million euros capital injection into an affiliate owning spare
engines
Paris, 20 May 2022
Air France-KLM enters into
exclusive discussions
with Apollo for
a
500-million
euros capital injection into an
affiliate owning spare engines
-
Reinforcement of Group’s
equity
-
Financing proceeds
allocated to partial reimbursement of the
French State Aid
- Reduction of
Group’s cost of debt
Following announcement of the second step of
equity strengthening measures at the Full Year 2021 results
presentation, Air France-KLM announces today that it has entered
into exclusive discussions with Apollo Global Management regarding
the injection of 500 million euros of capital to an operating
affiliate of Air France, owning of a pool of spare engines of Air
France dedicated to its Engeneering and Maintenance Activity.
The proceeds of the transaction would enable Air
France-KLM and Air France to partially redeem the French State
perpetual bonds, in accordance with the European Commission’s
“Temporary Framework for State aid measures to support the economy
in the current Covid-19 outbreak”, as well as facilitate the
financing of future spare engine acquisitions under Air France’s
fleet renewal program.
The structure will incur no change on
operational and social aspects. Therefore, there will be no change
in the way to use the spare engines, and no impact on Air France or
Air France-KLM employees contracts.
The capital injected would be accounted as
equity under IFRS, hence strengthening Air France-KLM’s and Air
France’s balance sheet.
Investor
Relations PressFrédéric
Kahane
Michiel
Klinkers +33
1 49 89 52
59 +33
1 49 89 52
60 +33
1 41 56 56 00frkahane@airfranceklm.com
Michiel.Klinkers@airfranceklm.com
- Air France-KLM - Press Release - exclusive discussions ENG
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