Linklaters advised the national airline company TAP on the issuance of 400 million euros in senior bonds

Linklaters Lisbon advised the national airline company TAP - Transportes Aéreos Portugueses, S.A. on the issuance of 400 million euros in senior bonds, increasing its exposure to the bond market by 25 million euros.

The recent debt issue aims to refinance a previous bond line of 375 million euros, with an interest rate of 5.625%, while the new issue benefits from a rate set at 5.125%, maturing in 2029.

The new issuance, 50 million euros higher than the 350 million initially planned, is a reflection of the interest of institutional investors in the company, and a consequence of favourable market conditions. It will also allow TAP to consolidate its position ahead of the privatisation process.

The deal was supported by the Capital Markets team in Lisbon, namely António Soares, Vera Ferreira de Lima and Rita Albuquerque, together with colleagues from the London, New York, Paris and Washington DC offices.