Lufthansa ringfence key for JetBlue exchangeable

Deutsche Lufthansa last Thursday (March 29) delivered a popular €234m bond exchangeable into its JetBlue stake — an almost 10 times covered offer — with a ringfence structure key to the attractiveness of pricing.

  • 05 Apr 2012

Work on the structure had gone on for some time with Lufthansa unable to grant security over the 46.7m JetBlue shares — 15.7% of the company, its entire stake — because of negative pledge constraints.

Instead, it created a new special purpose vehicle almost 100% owned by Lufthansa, that ...

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All International Bonds

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5 Goldman Sachs 267,110.09 921 5.79%

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5 Bank of America Merrill Lynch 33,700.87 110 4.94%

Bookrunners of all EMEA ECM Issuance

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5 Goldman Sachs 17,256.05 98 6.67%