Eurowings, Brussels to merge by end-2020

Lufthansa to complete Q400 returns in 2021

WDL Aviation formally rebrands as German Airways

WDL Aviation (WH, Cologne/Bonn) has formally rebranded itself as German Airways (GER, Cologne/Bonn), changing its ICAO code, the name of the airline on its AOC, and its callsign.

"With the new name, the long tradition of the airline, characterised by reliability, high-quality standards, and an unusual team spirit among the employees, continues. After the ex-WDL has overcome the Corona-year 2020 with all its challenges, it is flexibly positioned for the future with its new name German Airways and modern brand identity," the German ACMI/charter specialist said.

German Airways was originally created in 2019 as an umbrella brand for WDL Aviation and its sister carrier LGW - Luftfahrtgesellschaft Walter (HE, Dortmund). The two airlines, both owned by logistics firm Zeitfracht, retained their separate AOCs and corporate identities and had separate business models. However, LGW filed for voluntary self-administration in the Düsseldorf District Court on April 22, having previously lost its long-term contract with its only customer - Eurowings (EW, Düsseldorf Int'l) - due to the impact of the COVID-19 pandemic. As...

Lufthansa ends cooperation with Condor

Lufthansa issues €600mn bonds, saves €200mn in staff costs

Lufthansa (LH, Frankfurt Int'l) launched an offering of senior unsecured convertible bonds on November 10 for EUR525 million euros (USD618 million) due in November 2025, before raising it to EUR600 million (USD706 million) later in the day due to high demand and altering the conditions in its favour.

The bonds, which have a denomination of EUR100,000 (USD118,000) each, have a coupon rate that Lufthansa lowered from between 2.25% and 2.75% per annum to between 2% and 2.25%, payable semi-annually in arrears. The transaction, it said, was more than six times oversubscribed.

“The company thereby further strengthens its liquidity,” it declared in the statement announcing the bonds, adding that it plans to use the proceeds for general corporate purposes.

The bonds will be convertible into new or existing shares. Lufthansa also adjusted the initial conversion price, from between 30% and 35% above the reference share price to 40%.

The company claimed it still had EUR10.1 billion (USD11.9 billion) in cash at its disposal as of September 30, including the stabilisation measures that have been...