IAG says sells 390 mln euros in convertible bonds

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The International Airlines Group said on Tuesday it had sold 390 million euros ($506 million) in convertible bonds maturing on May 31, 2018.

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In a statement, IAG said the bonds, to be used to fund the purchase of low-cost carrier Vueling, would be converted into shares at 4.25 euros each, representing a 35 percent premium to Tuesday's average share price.

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