Global law firm Clifford Chance has advised Deutsche Bank and BNP Paribas on a landmark US$300 million five-year senior unsecured guaranteed notes offering by Primero Agila Limited, a wholly-owned subsidiary of Philippine Airlines, Inc. (PAL). The notes are guaranteed by PAL and Air Philippines Corporation and are listed on the Singapore Exchange (SGX).
The transaction marks the first rated high-yield bond offering by a Philippine issuer in more than a decade and the first unsecured rated high-yield bond issued by an Asian airline. The proceeds will support PAL’s transformation and long-term growth strategy including fleet modernisation and international network expansion.
Lead partner Alan Yeung in Hong Kong said, “The strong investor demand for this transaction demonstrates continued appetite for well-structured high-yield opportunities in Asia, particularly where issuers can present a compelling credit story and growth trajectory. The success of this offering reflects the strength of Philippine Airlines’ transformation story and the value clients place on integrated, commercially focused advice when bringing complex international transactions to market.”
Alan was supported by counsel Stephanie Liman in Singapore, associate Valerie Chan and trainee solicitor Cameron McGauchie in Hong Kong. In New York, partner Emily Wicker advised on airline industry aspects and partner Avrohom Gelber advised on US tax.
Clifford Chance continues to play a leading role in advising on high-profile international bond offerings across Asia Pacific, having recently advised on Danantara Indonesia’s US$1.5 billion debut international bond, ReNew’s pioneering green bond via India’s GIFT City, Thai Oil’s US$600 million subordinated perpetual securities issuance and concurrent tender offer and Vedanta Resources’ US$1.1 billion bond.
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