American Airlines has priced its common stock offering and convertible bond raising nearly $2 billion.
The Dallas/Fort Worth-based carrier sold 74 million shares at $13.50 per share taking advantage of the June stock market rally and adding $1 billion of equity to its balance sheet.
The airline also raised $1 billion of debt – upsizing the amount of notes issued by one quarter – pricing a five-year convertible bond at 6.50%.
Proceeds from both transactions will be used for general corporate purposes and boost liquidity during the coronavirus pandemic.
Goldman Sachs, Citi, Band of American Securities and JP Morgan are acting as bookrunners.
On 22 June, American also launched a $1.5 billion senior secured note offering in the private placement market and disclosed it had agreed a new $500 million term loan, of which a portion of the combined proceeds will be used to refinance the company’s 18 March term loan.
American Airlines has priced its common stock offering and convertible bond raising nearly $2 billion.
