Lisbon, 26 Jun 2026 (Lusa) — TAP today announced the completion of the debt issue of EUR 350 million, through senior bonds with interest rate of 4.750% and maturity in 2031.
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26/06/2026
by
Lusa
ANDthe airline stated that the bonds were issued at a price of 99,44951% after the transaction was increased by eur 50 million compared to the amount originally envisaged.
TAP’s financial director Renato Inácio, quoted in the same document, stated that the success of the transaction demonstrates the “strong credit quality and confidence and commitment of investors, both existing and new”, in the company’s credit path.
According to the person responsible, the offer attracted a “robust” order book that became “oversubscribed”, which increased the amount of the issue from the EUR 300 million initially planned to 350 million.
“ The high level of oversubscription and demand quality enabled TAP to reach the lowest credit spread in its history in a ‘Senior Notes’ issue and to increase the issue amount,” he added.
Renato Ignatius added that the bonds were issued with a ‘spread’ of 206 basis points above the reference (Treasure Obligations), representing an improvement of 66 basis points compared to the transaction held in 2024.
According to TAP, this is the lowest credit spread ever reached by the company in a senior bond issue, keeping the credit ratings in BB- / Ba3.
The manager also states that “this issue further strengthens TAP’s capital structure, increases the resilience of its balance sheet and prolongs the maturity profile of its debt, supporting the Group’s next phase of sustainable growth.”.
The bonds are intended exclusively for professional investors and eligible counterparties and are not available for retail investors in the European Economic Area or the United Kingdom.
The issue, announced on 17 June, took place one week after TAP announced the formal conclusion of the restructuring plan agreed with the European Commission in 2021 after the sale of the shares in Cateringpor and SPdH, former Groundforce.
The company is also in the process of partial privatisation, with Air France-KLM and Lufthansa having to submit binding proposals by the end of July.