Leading International law firm, Freshfields Bruckhaus Deringer, has advised Ryanair on its debut €850m bond issue under its newly established €3bn medium term programme.

The new bond is senior, unsecured, has an annual coupon of 1.875% and matures in 2021. The proceeds of the €850m bond will be used for general corporate purposes.

Ryanair operates an ultra-low cost, scheduled-passenger airline serving short-haul, point-to-point routes between Ireland, the U.K., Continental Europe and Morocco. Ryanair is rated BBB+ by S&P and Fitch, which makes it the highest rated airline in the world.

Partners Duncan Kellaway and Rob Murphy and senior associate Nick Hayday led the Freshfields international debt capital markets team advising on the transaction.

Howard Miller, CFO of Ryanair commented ‘We are delighted with the positive reaction of investors towards our debut eurobond transaction. This is a landmark financing transaction for the airline and as always it was great to have the Freshfields team on our side for the journey”.

Duncan Kellaway, adds ‘Freshfields were very pleased to support Ryanair on their first issue of eurobonds. The reaction of the investors for the issue is further demonstration of the flexibility of the debt capital markets for credits such as this.’