Company Announcements

IAG agrees convertible bond structure withGlobalia

Source: RNS
RNS Number : 1435F
International Cons Airlines Group
17 March 2022


IAG agrees convertible loan structure with Globalia

International Airlines Group ("IAG") and Globalia have reached an agreement under which IAG will make a €100 million seven-year unsecured loan to Globalia. Subject to any relevant regulatory approvals, IAG will have the option to convert the loan into an up to 20 per cent equity stake in Air Europa.

Luis Gallego, IAG's chief executive, said:

"We remain convinced about the strategic importance of this deal to the development and competitiveness of Madrid's hub. Since we started negotiations, the world has changed. This agreement will give us time to evaluate with exclusivity alternative structures that may be of interest to both companies and offer significant benefits for their customers, employees and shareholders."

The agreement is conditional on Globalia receiving approval from syndicated banks that provided the loan agreement partially guaranteed by the Instituto de Crédito Oficial (ICO) and by Sociedad Estatal de Participaciones Industriales (SEPI).

It provides for a period of exclusivity of one year while discussions take place and this is accompanied by a right to match any third party offer for the airline in the next three years, together with a right to exit alongside Globalia should it sell Air Europa at any time in the future.

IAG Investor Relations


17 March 2022






This announcement contains inside information and is disclosed in accordance with the Company's obligations under the Market Abuse Regulation

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.