airBaltic (BT, Riga) has reissued its latest bond, bringing the total issue value to EUR380 million (USD411.7 million), the company revealed in a press release.
The additional EUR40 million (USD43.3 million) of airBaltic’s 14.5% senior secured notes complement the May 2024 issuance. The notes are due in 2029 and they will be listed on the Dublin Stock Exchange. The settlement of the bonds is expected to take place on October 24.
“The issuance aligns with airBaltic’s strategic financial plan, enabling it to strengthen its financial position and provide financial flexibility as the company advances its growth ambitions and moves towards its potential initial public offering (IPO),” the company stated.
The initial issuance was Latvia’s largest corporate bond offering and resulted in orders worth over EUR840 million euro (USD901 million). The bond was used to refinance airBaltic’s previous bond issue from 2019.
airBaltic has been planning an initial public offering (IPO) for a while. The primary listing is planned to be on the Nasdaq Riga exchange while airline CEO Martin Grauss said the company has been looking into a potential dual-listing by also going to London.
The IPO plans recently came under scrutiny after the Latvian Prosecutor-General’s Office started looking into certain government decisions linked to the listing.