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International Airlines Group Agrees Convertible Loan Structure With Globalia

International Airlines Group said it reached an agreement to provide a 100 million euros seven-year unsecured loan to Globalia.

Subject to any relevant regulatory approvals, IAG will have the option to convert the loan into an up to 20 per cent equity stake in Air Europa.

The agreement is conditional on Globalia receiving approval from syndicated banks that provided the loan agreement partially guaranteed by the Instituto de Crédito Oficial and by Sociedad Estatal de Participaciones Industriales.

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