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Germany's Lufthansa raises $1.7 billion in corporate bond sale

FILE PHOTO: FILE PHOTO: Lufthansa planes are seen parked on the tarmac of Frankfurt Airport

(Reuters) - Germany's Lufthansa said on Tuesday it raised 1.5 billion euros ($1.73 billion) in a corporate bond sale, its third bond sale this year, in order to boost the company's liquidity and refinance debt.

Earlier this year, the airline company, which was hit by a pandemic-related tourism crunch, raised a total of about 2.6 billion euros in February and July by issuing bonds.

"The long-term funds, which were again raised at attractive terms, will be used to further strengthen the Lufthansa Group's liquidity and refinance existing debt," finance chief Remco Steenbergen said in a statement.

The company said it issued bonds of two years and five-and-a-half years. This placement is one of several successful capital market transactions that will contribute to the full repayment of the government stabilization measures in Germany, it added.

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The tranche with a term until November 2023 bears interest of 1.625% per year and the tranche with a term until May 2027 has an interest rate of 2.875%, according to the statement.

(Reporting by Aakriti Bhalla in Bengaluru; Editing by Matthew Lewis)