Airbus completes EMTN bond buyback to further optimise debt portfolio
Amsterdam, 21 June 2022 – Airbus SE has successfully completed a cash tender offer for up to € 1 billion of its Euro Medium-Term Note (EMTN) bonds, as part of the Company’s objective to optimise its debt portfolio.
Investors showed strong interest in the bond buyback, which enables Airbus to reduce its debt position, further improve its debt coverage ratios and build financial flexibility within its current credit ratings. Airbus' net cash position has recovered over the past two years faster than expected by credit rating agencies, supported by the operational performance, cost containment and competitiveness. It stood at € 7.7 billion at the end of Q1 2022.
The tender offer was made for the Company’s 2.375% 2024 Notes, 1.625% 2025 Notes, 0.875% May 2026 Notes, 1.375% June 2026 Notes, 2% 2028 Notes and 1.625% 2030 Notes, representing an aggregate principal amount of € 5.6 billion.
Results of tender offer to purchase bonds in cash
Following the expiration of the tender offer on 17 June 2022, the Company published the results of the successful buyback operation. At the expiration deadline, an aggregate nominal amount of EUR 1,373,971,000 of bonds were validly tendered for purchase.
In line with the target acceptance amount set out by the Company at launch, the Company accepted for purchase an aggregate principal amount of € 1,000,000,000, as follows:
| Description | Total Principal Outstanding | Principal Amount Instructed | Final Acceptance Amount | Scaling Factor |
| 2.375 per cent. Notes due 2024 (the 2024 Notes) | €1,000,000,000 | €176,996,000 | €176,996,000 | - |
| 1.625 per cent. Notes due 2025 (the 2025 Notes) | €750,000,000 | €188,757,000 | €188,757,000 | - |
| 0.875 per cent. Notes due May 2026 (the May 2026 Notes) | €600,000,000 | €139,446,000 | €139,446,000 | - |
| 1.375 per cent. Notes due June 2026 (the June 2026 Notes) | €1,250,000,000 | €355,629,000 | €355,629,000 | - |
| 2.000 per cent. Notes due 2028 (the 2028 Notes) | €750,000,000 | €232,076,000 | €139,172,000 | 58.79% |
| 1.625 per cent. Notes due 9 June 2030 (the 2030 Notes) | €1,250,000,000 | €281,067,000 | €0 | - |
| Total | €1,373,971,000 | €1,000,000,000 |
The details of the results are further described at this link.
The Company engaged Barclays, Morgan Stanley, Natixis and Natwest Markets to act as the dealer managers for the tender offer.
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