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Deals & Cases
15 Jun 2026

A&O Shearman and Herbert Smith Freehills Kramer advise on INDIGO Group bond buyback and EMTN issuance

"A&O Shearman advised the banks on INDIGO Group’s tender offer for two outstanding bonds (EUR 800m 1.625% due 19 Apr 2028; EUR 650m 4.50% due 18 Apr 2030) and on a new EMTN programme and related EUR 600m senior fixed-rate issuance (3.75% due 24 Apr 2032). Herbert Smith Freehills Kramer advised INDIGO Group."

A&O Shearman acted as counsel to the banks and Herbert Smith Freehills Kramer advised INDIGO Group in connection with a coordinated debt-management transaction by INDIGO Group. The operation comprised a tender offer launched by INDIGO Group for certain outstanding bonds and the concurrent establishment of a new EMTN programme under which INDIGO Group successfully issued new senior fixed-rate notes. The tender offer targeted two bond series: an EUR 800 million tranche bearing an annual coupon of 1.625% maturing on 19 April 2028, and an EUR 650 million tranche bearing an annual coupon of 4.500% maturing on 18 April 2030. Concurrently, INDIGO Group put in place an EMTN programme and issued EUR 600 million of senior fixed-rate notes under that programme, bearing an annual coupon of 3.750% and maturing on 24 April 2032. The net proceeds of the issuance are intended to finance, in particular, the repurchase of existing bonds, the group’s general corporate needs and the partial refinancing of its syndicated credit. The new notes have been admitted to trading on the regulated market of Euronext Paris and have been rated BBB by S&P Global Ratings. This transaction is part of INDIGO Group’s active debt-management strategy to prepare for the refinancing of bond maturities in 2028 and 2030. A&O Shearman represented the banks with a team composed by: Julien Sébastien (partner), Lorraine Miramond (counsel), Aziz Ben Hamida (associate) and Henri Fang (associate). Herbert Smith Freehills Kramer represented INDIGO Group with a team composed by: Louis de Longeaux (partner), Jade Porret (associate) and Sophie Lesdos (associate).
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