![\"Aegean.png\"](\"https:\/\/planesintheair.com\/wp-content\/uploads\/2019\/03\/Aegean.png\")
<\/p>\n* Aegean aims to raise up to 200 mln eur from sale<\/p>\n
* Bond issue set for March 5-7<\/p>\n
* Up to 147 mln euro to fund down payments for new planes<\/p>\n
ATHENS, March 4 (Reuters) – Greece’s largest carrier Aegean Airlines will proceed with a sale of bonds on March 5-7 to raise up to 200 million euros ($226.86 million) for down payments on new Airbus aircraft and the construction of a new pilot training centre.<\/p>\n
According to the public offering prospectus, about 30 percent of the issue will be allocated to retail investors, while 70 percent will go to “qualified investors”.<\/p>\n
The seven-year bonds, each with a nominal value of 1,000 euros, will pay a semi-annual coupon. In Greece interest payments are taxed at 15 percent. Trading of the bonds on the Athens stock exchange will start on March 13.<\/p>\n
Pricing will be determined via book building.<\/p>\n
Aegean, a member of the Star Alliance airline group, will use 75 percent of the proceeds to partly finance down payments on new aircraft based on a deal with Airbus to renew its fleet of single-aisle planes and add capacity for future expansion.<\/p>\n
Aegean picked Airbus in March last year for an order of up to 42 aircraft worth $5 billion in one of the biggest investments by a private Greek company since the country’s debt crisis erupted in 2010.<\/p>\n
The down payments are due from the first quarter through to the last quarter of 2023 for new generation A320neo and A321 Airbus jets.<\/p>\n
Deliveries of the new planes are expected to start in the first half of 2020 and conclude by the end of 2024.<\/p>\n
Aegean has picked U.S. engine maker Pratt & Whitney to power the new A320neo aircraft and provide engine maintenance.<\/p>\n
The carrier plans to use 14 percent of the proceeds or up to 27.5 million euros to build a new 12,000 square metre training centre with flight simulators for its flight crews at the Athens International Airport (AIA).<\/p>\n
About 11 percent of the proceeds or up to 21.6 million will be used as working capital.<\/p>\n
Piraeus Bank and Eurobank are the joint coordinators and bookrunners with Alpha Bank and Euroxx Securities the lead underwiters. Euroxx Securities was the issue adviser.<\/p>\n
($1 = 0.8816 euros)<\/p>\n
(Reporting by George Georgiopoulos; editing by Emelia Sithole-Matarise)<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Greece’s largest carrier Aegean Airlines will proceed with a sale of bonds on March 5-7 to raise up to 200 million euros ($226.86 million) for down payments on new Airbus aircraft and the onstruction of a new pilot training centre. According to the public offering prospectus, about 30 percent of the issue will be allocated to retail investors, while 70 percent will go to “qualified investors”.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[797,89,2203,1397,868],"tags":[220,238,410,539,47,464,118,92,2415,3622,3620,887,3619,1925,2135,1604,335,3481,3623,2245,411,745,199,1898,1843,2421,276,718,412,940,3621,526,1288,1934,2302,2686,101,1970,527],"class_list":["post-3919","post","type-post","status-publish","format-standard","hentry","category-airline-news","category-aviation-news","category-finance-news","category-stock-news","category-transportation-news","tag-a320","tag-a321","tag-aegean","tag-air","tag-airbus","tag-aircraft","tag-airlines","tag-airport","tag-alliance","tag-alpha","tag-athens","tag-bank","tag-bond","tag-carrier","tag-center","tag-construction","tag-engine","tag-euro","tag-euroxx","tag-exchange","tag-greece","tag-group","tag-international","tag-jets","tag-largest","tag-maker","tag-neo","tag-new","tag-news","tag-pilot","tag-piraeus","tag-pratt","tag-reuters","tag-sale","tag-securities","tag-star","tag-stock","tag-training","tag-whitney"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3919"}],"version-history":[{"count":1,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3919\/revisions"}],"predecessor-version":[{"id":3921,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3919\/revisions\/3921"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}