VdA and PLMJ provided legal advice on one of the most important capital market operations this year: PLMJ advised TAP and TAP SGPS, while VdA advised Haitong Bank, the Global Offer Coordinator, and the placement banks Activo Bank, Banco Best, Banco Carregosa, Bankinter, Caixa BI, CCAM, Caixa Geral de Depósitos, Millennium BCP, Novo Banco on the inaugural issue of TAP’s bonds through an initial public offer.
TAP 2019-2023 Bonds have a total value of €200,000,000, pay a gross interest rate of 4.375% per annum and have a repayment term of four years. This is the largest bond initial public offer made by a corporate issuer in the Portuguese capital market since 2012. The operation included a segment aimed specifically at professional investors and eligible counterparties and a general segment aimed at retail investors, within the scope of which an innovative mechanism for preferential subscription by employees and customers of the “Miles & Go” loyalty programme was created.
The VdA team was coordinated by the Banking & Finance partners, Hugo Moredo Santos and Benedita Aires, and included the partner Joaquim Pedro Lampreia and Ricardo Seabra Moura, Soraia Ussene, José Miguel Carracho, Hugo Pinheiro Ferreira, David Cuba Topete and Beatriz Francisco Costa.
Media:
