Gide advised the banking syndicate in connection with the capital increase of Air France KLM through a public offering with a priority subscription period in an amount of approximately €1 billion, which is aimed at addressing the consequences of the Covid-19 pandemic. The transaction, which occurred in the context of the recapitalization measures implemented by Air France KLM, was approved by the European Commission on April 5, 2021.
The transaction, which was approved on April 5, 2021 by the Group's Board of Directors, is designed to restore the Group's shareholders' equity and to further strengthen its cash position. The transaction follows the measures already implemented by the Group in 2020 in response to the Covid-19 pandemic crisis, on which Gide acted as the Group's advisor, involving a loan guaranteed by the French State (PGE) in an amount of EUR 4 billion and a shareholder loan from the French State in an amount of EUR 3 billion.
The banking syndicate consisted of Crédit Agricole Corporate and Investment Bank, Deutsche Bank, HSBC and Natixis, as Joint Global Coordinators, Lead Managers and Joint Bookrunners and Banco Santander and Société Générale, as Joint Bookrunners.
Gide’s team comprised Arnaud Duhamel (partner), assisted by Guilhem Richard (counsel), Aude-Laurène Dourdain (associate) and Mariléna Gryparis (associate) on French law aspects, Melinda Arsouze (partner) and Scott Logan (senior associate) on US law aspects.
White & Case advised Air France-KLM.