Shearman And Sterling

News Dec 06, 2019

Tap Airlines' €375 Million Inaugural High Yield Bond

Shearman & Sterling represented Transportes Aéreos Portugueses, S.A. on its inaugural high yield bond offering of €375 million 5.625% senior notes due 2024. Morgan Stanley, Citigroup and J.P. Morgan acted as initial purchasers.

The net proceeds of the offering will be used to repay certain borrowings under TAP's existing debt, to pay fees and expenses related with the offering and for general corporate purposes. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on December 2, 2019, and cleared through Interbolsa. TAP is the Portuguese flagship airline since its founding in 1945, mainly operating in passenger air transport, with complementary activities in loyalty programs, cargo air transport and maintenance. TAP is the leading airline in Portugal, serving 93 airports in 36 countries. 

The Shearman & Sterling team below included associate Camila Misciasci Derisio, Leonor de Osma.

The Team