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Air France-KLM - Tender Offer 2024 (FR) - Launch

Air France-KLM announces the launch of a tender offer to repurchase two series of existing notes and its intention to issue new notes - FR0013477254 - FR0014004AF5

13 May 2024

Full announcement, including disclaimers and restrictions, available via Air France-KLM

Air France-KLM (the “Company”) (Euronext Paris: FR0000031122) rated BBB- by Fitch and BB+ by S&P, announces today the launch of a tender offer to repurchase the following two series of existing notes in cash: -

€750,000,000 1.875 per cent notes due 16 January 2025 (ISIN: FR0013477254) (of which €750,000,000 is currently outstanding) (the “2025 Notes”); and -

€500,000,000 3.875 per cent notes due 1st July 2026 (ISIN: FR0014004AF5) (of which €500,000,000 is currently outstanding) (the “2026 Notes” and, together with the 2025 Notes, the “Existing Notes”) (the “Tender Offer”).

The Company invites Qualifying Holders (as defined in the Tender Offer Memorandum) of the Existing Notes to tender for cash some or all of their notes, up to a maximum acceptance amount of €350,000,000 in aggregate principal amount subject to the right of the Company to increase or decrease such amount.

In parallel, the Company announces its intention to issue, subject to market conditions, Euro denominated unsecured fixed rate benchmark notes expected to be rated BBB- by Fitch and BB+ by S&P (the “New Notes”) under its Euro 4,500,000,000 Euro Medium Term Note Programme, the proceeds of which will be used to refinance part of the existing debt of the Company by purchasing all or part of the Existing Notes and for general corporate purpose.

This transaction is part of the Company’s ongoing dynamic management of its debt profile making use of its corporate credit ratings released in December 2023.

The Tender Offer, combined with the rated issuance of the New Notes, will extend the Company’s average maturity profile.

The Tender Offer is conditional upon the pricing of the issue of the New Notes in the sole determination and satisfaction of the Company (or the waiver of this condition by the Company).

The acceptance of any Existing Notes validly tendered for purchase is at the sole and absolute discretion of the Company."


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