American Airlines to sell shares, debt to cope with coronavirus hit

(Reuters) – American Airlines Group Inc said on Sunday it intends to raise $1.5 billion by selling offers and convertible senior notes, to improve the carrier’s liquidity as it wrestles with movement limitations brought about by the coronavirus.

The organization hopes to utilize a segment of the net continues from the contributions for general corporate purposes and to improve its liquidity position, the carrier said in an announcement.

The stock and notes contributions incorporate a 30-day alternative for the guarantors to buy up to $112.5 million of extra regular offers and up to $112.5 million of extra notes individually, the organization said.

Ticker Security Last Change Change %

AAL AMERICAN AIRLINES GROUP INC. 16.00 -0.49 -2.97%

Goldman Sachs and Co. LLC, Citigroup, BofA Securities and JP Morgan will be going about as agents for the guarantors.

Well off AMERICANS FLOCK TO THIS CARIBBEAN NATION FOR LUXURY PROPERTIES

The contributions, first revealed by Bloomberg News, is supposed to be expected by 2025.

The aircraft said it additionally expects to go into another $500 million term advance office due 2024.

American Airlines and Delta Air Lines Inc said a week ago that an unobtrusive recuperation sought after was assisting with easing back day by day money consume rates in June after the U.S. government announced record low traveler numbers in April in the midst of the coronavirus pandemic.

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