International Consolidated Airlines Group, S.A. (LSE:IAG) will redeem all outstanding 1.125% senior unsecured convertible bonds due 2028 on 21 July.
The airline group is exercising its option under Condition 7(b)(ii) after purchasing and redeeming €821.7m in aggregate principal amount of the bonds, representing 99.6% of the aggregate principal originally issued.
Redemption will be at the principal amount together with accrued but unpaid interest up to (but excluding) the Optional Redemption Date, an amount equal to €195.65 per €100,000 in principal.
As an alternative to redemption, each bondholder may elect to exercise its Conversion Right under Condition 6, with the last day to exercise Conversion Rights on 14 July.
The Conversion Price as at the date of the notice is €3.2338.
The Optional Redemption Notice was dated 5 June and directs bondholders to IAG Investor Relations for further information.
