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Tag: redemption

Finnair redeems its hybrid bond issued in 2020

Finnair Plc (OTC: FNNNF) announces that it will exercise its right to redeem its EUR 200 million capital securities issued on 3 September 2020 (ISIN: FI4000441860) (the “Capital Securities“).

The Capital Securities will be redeemed in full on 1 September 2023 (the “Redemption Date“) in accordance with the terms and conditions of the Capital Securities. On the Redemption Date, the Company will pay to the holders of Capital Securities a redemption price equal to the principal amount of the note together with any accrued interest to, but excluding, the Redemption Date.

This notice of redemption is irrevocable and is given to the calculation agent and holders of the Capital Securities in accordance with the terms and conditions of the Capital Securities.

Emirates and TAP Air Portugal Sign MOU to Expand Strategic Partnership

Dubai, UAE, March 2021 – Emirates and TAP Air Portugal has signed a Memorandum of Understanding (MoU) to expand the codeshare partnership currently in place between both airlines. The new agreement will see customers of both airlines benefit from seamless connectivity on many new routes across the Americas, North Africa and East Asia. Emirates and TAP Air Portugal will also explore ways to enhance the co-operation on their respective frequent flyer programmes including reciprocal earning and redemption opportunities and popular benefits such as lounge access.

In addition, both airlines plan on supporting each other’s stopover programmes in Dubai and Lisbon, with Emirates also supporting TAP Air Portugal as it looks at potential expansion opportunities in the UAE.

Subject to required regulatory approvals, the expanded agreement is expected to come into effect from 01 May 2021, will provide customers with seamless booking, ticketing and travel benefits across 70 destinations on both airlines’ networks.

Under the expanded partnership, TAP Air Portugal will place its code on Emirates’ flights to popular East Asia destinations such as Taipei, Tokyo, Osaka, Mumbai, Delhi, Dhaka, Male, Jakarta, Denpasar, Manila, Hanoi, as well as Barcelona, and Mexico City.

Emirates customers will be able to seamlessly access additional domestic destinations in Portugal, as well as TAP Air Portugal’s flights to cities in the USA, Canada, Mexico, Brazil, Senegal, Guinea-Bissau, Guinea-Conakry, Morocco, Tunisia, Gambia, and Cape Verde.

MGM To Sell Las Vegas Resorts To Joint Venture In $4.6B Deal

MGM Resorts International (NYSE: MGM) said Tuesday that it plans to sell the MGM Grand and Mandalay Bay properties to a joint venture of MGM Growth Properties LLC (NYSE: MGP) and Blackstone Real Estate Income Trust, Inc. for $4.6 billion.

The Blackstone Real Estate Income Trust will purchase $150 million in MGM Growth Properties Class A shares. MGP will own 50.1% of the joint venture, and BREIT will own 49.9%.

MGM Resorts will enter into a long-term triple net master lease for the MGM Grand and Mandalay Bay and will continue to manage and be responsible for the properties on a day-to-day basis, with the joint venture owning the properties and receiving rent payments.

The transaction is expected to close in the first quarter of 2020.

“We are pleased to announce this partnership with BREIT, which illustrates the numerous opportunities available to grow our business and emphasizes the strong institutional demand for gaming real estate assets,” MGP CEO James Stewart said in a statement.

“Along with the contemplated cash redemption of $1.4 billion of MGM’s operating partnership units as announced by MGM, we expect this transaction to be accretive to AFFO while allowing us to maintain pro rata net leverage of 5.6x.”  

MGM shares were down 0.45% at $33.22 at the time of publication Tuesday. The stock has a 52-week high of $33.87 and a 52-week low of $23.68.

MGM Grand exterior hero shot