Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Amadeus IT Group (Amadeus), the leading travel technology company, on its issue of €750m in new capital and €750m in senior convertible bonds to further strengthen its capital position and improve its liquidity to face the near-term uncertainty caused by the impact of COVID-19 on global travel.
The two issuances form part of Amadeus’ contingency planning and take Amadeus’ liquidity to over €4bn. The transaction comprised issuances of (i) €750m of new primary equity; and (ii) €750m in senior convertible bonds. The transaction was conducted via an accelerated bookbuilt offering targeted at institutional investors. It is part of a comprehensive programme to enable Amadeus to confront even the most adverse scenarios in the current situation. This also includes a €1bn “bridge-to-bond” credit facility where Freshfields Bruckhaus Deringer also advised.
Amadeus is a travel technology multinational operating in more than 190 markets around the world, with more than 19,000 employees. In 2019, Amadeus processed more than 645m bookings and generated €5.5bn in revenues.
Amadeus was advised by Freshfields’ global transactions team in Madrid led by partners Armando Albarrán, Alfonso de Marcos and counsel Joe Amann.
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