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Polish Airlines LOT to issue Euro bonds

Published: 5/22/1998

LOT is planning to issue Euro bonds worth $100 million in early July. Bonds are to be valid for five years and will be introduced on the Luxembourg stock exchange. The Austrian Creditanstalt bank was selected to be the adviser in the process. The airline wants to use raised funds to improve its cash flow and seeks an improvement in the company's position by reducing debts before its planned privatisation, which should be completed by early next year. LOT is estimated to have debts of $200-250 million, and amajor share of this is for payment for its fleet, which is one of the world's youngest (20 Boeings (15 737s; 5 767s) and 8 ATRs. In mid-May, as we went to press, the Polish Ministry of Privatisation was about to name the advising organisation which will be responsible for assisting LOT in the future privatisation process.(AL598.6) (MM)  

Article ID: 175

 

 

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