Air France-KLM and Air France announce today the full exit of the French Recapitalization State Aid under the EU Covid-19 Temporary Framework
19 Abril 2023 - 4:45PM
Air France-KLM and Air France announce today the full exit of the
French Recapitalization State Aid under the EU Covid-19 Temporary
Framework
Paris, 19 April 2023
Air France-KLM
and Air France
announce today the full
exit of the
French Recapitalization
State Aid under the
EU
Covid-19 Temporary
Framework
- Air France-KLM has fully repaid,
the €300 million remaining French State hybrid perpetual bonds and
paid the required compensation of the French State for the shares
subscribed in April 2021 without change required of the capital
ownership
- The Group has therefore refinanced
€407 million with a new issuance of hybrid perpetual bonds with the
French State, without any restrictions attached.
Following the intention expressed during the
presentation of the Group’s Full Year 2022 results on February 17,
2023, Air France-KLM today announces the final repayment of the
outstanding perpetual hybrid bonds held by the French State, as
well as the required compensation of the French State for the
shares subscribed in April 2021 as per the EU Covid-19 Temporary
Framework. This transaction allows the Group to fully exit the
Covid-19 recapitalization State aid as well as its related
restrictions and without any change of the capital ownership.
The Group has now refinanced these repayment and
compensation, for a total of €407 million through the issuance of
new French State hybrid perpetual bonds, in compliance with the
European Commission decision on February 16, 20231. These new
hybrid perpetual bonds with no restriction attached contain similar
financial conditions as the one repaid and will be assimilated to
the €320 million hybrid perpetual bonds issued on 17 March 2023,
with non-call date and interest rate step-up postponed by an
additional two years (March 2029).
Mr. Benjamin
Smith, Group CEO,
stated: “Today marks an important milestone for Air
France-KLM. I am pleased that we have now fully repaid all State
aid, which releases us from the associated conditions. I want to
thank the French and Dutch States again for their
invaluable support during this unprecedented
Covid-19 crisis, and I also wish to express my gratitude to our
staff around the world for their unwavering commitment in these
difficult times. I am confident that we will be able to continue
the successful turnaround we have begun
thanks to our continued and accelerated
transformation, and that we will emerge stronger out of this trying
period, as a leader with a strong sustainability focus”.
Investor
Relations
Michiel
Klinkers
Marouane
Mami
michiel.klinkers@airfranceklm.com mamami@airfranceklm.com
Website: www.airfranceklm.com
1 As a reminder, this decision approved a compensation aid of up
to €1,4 billion to Air France making good the Covid-19 damage
between 17 March and 30 June 2020
- State_aid_exit_AFKL_and_AF
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