Etihad pledged to cover Alitalia's part of EA Partners bonds - sources
Etihad Airways agreed at the end of last year to repay a portion of 2 bonds maturing in 2020 and 2021 on behalf of Alitalia if the Italian airline ends up defaulting, two sources familiar with the situation said Monday. Etihad and a number of airlines in which it has equity stakes issued the bonds worth a combined US$1.2b in 2015 and 2016 via a special purpose vehicle known as EA Partners. Alitalia's exposure to EA Partners corresponds to roughly 19% of the $700m 2020 bond and about 20% of the 2021 bond, or about $235mof the overall principal. The sources were confirming an agreement first reported by ratings agency Fitch May 3, the day after Alitalia asked the Italian govt to put it under administration. The airline had debts of about E3b at the end of February. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-05-09/eap/etihad-pledged-to-cover-alitalias-part-of-ea-partners-bonds-sources
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Etihad pledged to cover Alitalia's part of EA Partners bonds - sources
Etihad Airways agreed at the end of last year to repay a portion of 2 bonds maturing in 2020 and 2021 on behalf of Alitalia if the Italian airline ends up defaulting, two sources familiar with the situation said Monday. Etihad and a number of airlines in which it has equity stakes issued the bonds worth a combined US$1.2b in 2015 and 2016 via a special purpose vehicle known as EA Partners. Alitalia's exposure to EA Partners corresponds to roughly 19% of the $700m 2020 bond and about 20% of the 2021 bond, or about $235mof the overall principal. The sources were confirming an agreement first reported by ratings agency Fitch May 3, the day after Alitalia asked the Italian govt to put it under administration. The airline had debts of about E3b at the end of February. <br/>
