British Airways - Issue of convertible bonds

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Slaughter and May advised British Airways Plc on its recently-announced issue of £350,000,000 5.8 per cent. senior unsecured convertible bonds, with the aggregate principal amount of the securities, the coupon rate and the conversion price determined following a book building exercise by Barclays Capital, Deutsche Bank AG, London branch, HSBC Bank plc, Merrill Lynch International and RBS Hoare Govett Limited (acting as Joint Lead Managers) conducted on 17 July 2009. Applications will be made for the convertible bonds to be admitted to the Official List of the UK Listing Authority and to be admitted to trading on the Professional Securities Market of the London Stock Exchange. The transaction is conditional, inter alia, on shareholder approval at a general meeting to be held on 6 August 2009.  

Settlement is expected to occur on or about 13 August 2009.

Mark Dwyer (partner), Peter Jolliffe (partner), Karen Ireland (associate), Nicola Costello (associate), Gemma Amer (associate); Corporate: Stephen Cooke (partner), David Wittmann (partner), Harry Coghill (associate); Tax: Tony Beare (partner), Benjamin Mudd (associate)