Ryanair returned to the bond market for the first time in nearly two years, just days after announcing a 8% drop in its Q3 profits, which it attributed to the sharp decline in sterling following Britain’s vote to leave the EU.
Ryanair announced that it has issued a 6.5 year, 750m. euros Eurobond at a fixed coupon of 1.125%. Ryanair is rated BBB+ (stable) by both Standard & Poor’s and Fitch Ratings. These ratings reflect the ratings of Ryanair’s business model which as a long established track record of profitability, cash generation, and an industry leading balance sheet. The bond will be listed on the Irish Stock Exchange which offers access to both Europe and the rest of the world. The joint bookrunners were BNP Paribas, Citigroup and Crédit Agricole.
Ryanair’s Chief Financial Officer, Neil Sorahan said: “We are pleased to have accessed the low cost Eurobond markets again. This 750m euros transaction was keenly priced at a fixed coupon of 1.125% p.a. This low cost finance will enable us to further reduce our aircraft ownership costs while continuing to offer the lowest fares and best customer service through our Always Getting Better programme as we grow to 200m customers p.a. by 2024.”
Brexit, “the most ridiculous” decision ever made by the British, says O'Leary
The CEO of the Irish company Ryanair, Michael O'Leary, said on Wednesday that he was convinced that “by the end of two years”, Brexit supporters were going to change their point of view. This is upon “the most ridiculous” decision ever made by the British.
Mr O'Leary commented, speaking outside of the Alliance for Europe summit: “I continue to believe that in two years, when the British population will have realised that the proponents of Brexit lied to them, they will change their point of view.”
The CEO added, “I think that they will want to go back on their decision. The advocates of Brexit lied to them saying: ‘We can leave the single market. Nothing much will change.’ Bloody stupidity. It damned well will change.”
Angelos is the news editor for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). His role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy.
He currently studies Communication, Media & Culture in Panteion University of Political & Social Studies of Athens.
