Linklaters has advised the sponsors and underwriters on International Consolidated Airlines Groups S.A.’s €2.75 billion rights issue. IAG is the parent company of British Airways, Iberia, Vueling and Aer Lingus.

This is the first rights issue of a Spanish listed company with a premium listing on the London Stock Exchange and the rights were traded on both markets during the subscription period. IAG intends to use the funds raise to strengthen the group’s balance sheet by reducing financial leverage and increasing its overall liquidity position. This will put IAG in a stronger financial and strategic position not only for the future but also as it charters this period of uncertainty.

The Linklaters team was led by partners John Lane (London, Mainstream Corporate), Jamie Wootton (London, Mainstream Corporate), Inigo Berricano (Madrid, Capital Markets), Jorge Alegre (Madrid, Capital Markets) and Tom Shropshire (London, Mainstream Corporate). Supporting the deal were Fionna Ng (London, Managing Associate), Alvaro Albors (Madrid, Managing Associate), Igor Rogovoy (London, Senior US Associate) and colleagues from the firm’s Aviation team led by Olga Petrovic.