Lufthansa lifts convertible bonds offering to 600 mln eur

In response to high demand from investors, Germany’s Lufthansa on Tuesday increased the volume of a bond offering and adjusted the conditions in its own favour. Germany’s flagship carrier lifted an offering of 2025 senior unsecured convertible bonds, which it had announced earlier on Tuesday, to up to E600m from E525m. The airline, which is reeling from the impact of the coronavirus pandemic on travel, said it planned to use the proceeds for general corporate purposes. It lowered the coupon to between 2.00% and 2.25% per annum from 2.25% and 2.75%, still payable semi-annually in arrears. The bonds will be convertible into new and or existing shares and will be offered through an accelerated bookbuilding process to institutional investors.<br/>