Icelandair has started talks with bondholders who invested $190 million in the company, cautioning that it may not be able to meet the original terms of the financing following a recent profit warning. The unsecured bonds were issued in two tranches, $150 million in October 2016 and a further $40 million in February 2017, with a maturity date of Oct. 26, 2021. Under the terms of the offer, Icelandair’s gross debt must not exceed 3.5 times EBITDA during the bond term, while its ratio ...

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