Linklaters advises on TAP’s €400 million debt issuance
Linklaters in Lisbon advised 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 issuance aims to refinance a previous bond line of 375 million euros, which had an interest rate of 5.625%, while the new issuance benefits from a rate set at 5.125%, maturing in 2029.
The new issuance, 50 million euros higher than the initially planned 350 million euros, reflects institutional investors’ interest in the airline and is a consequence of favorable market conditions. It will also help consolidate TAP’s position before the privatization process, states Linklaters.
The operation was supported by the capital markets team in Lisbon, consisting of partners António Soares and Vera Ferreira de Lima, and associated Rita Albuquerque (all pictured from left to right), alongside colleagues from Linklaters offices in London, New York, Paris, and Washington DC, including partner Luis Roth, counsel James Simpson and US associates José Aleman and Dami Banire.
The €1.6B Wintershall deal
Linklaters has also advised the initial purchasers on a landmark €1.6 billion offering of senior notes by Wintershall Dea Finance B.V. The proceeds from the offering were used to refinance the bridge loan that was put in place to support the acquisition by Harbour Energy PLC of Windershall Dea AG’s upstream asset portfolio, which was completed earlier in September 2024.
The cross-jurisdictional Linklaters team advising on the Harbour Energy’s offering was led by partner Giacomo Reali, alongside partner Ben Dulieu, and included US associates Anu Akinbamidele, Kimberly Martin and Filippo Turci. Partner Toby Grimstone and managing associate Danny Yin advised on banking matters. A team led by Amsterdam capital markets partner Alexander Harmse advised on Dutch law matters. A team in London and New York, led by US counsel Omer Harel, advised on tax matters related to both transactions.
