Air New Zealand Ltd said on Friday it had begun to draw down on a NZ$900 million ($589.95 million) government debt facility that would give it time to review its capital structure and complete a capital raising by June 2021.
FILE PHOTO: An Air New Zealand Boeing 787-9 Dreamliner plane taxis at O'Hare International Airport in Chicago, Illinois, U.S., Nov. 30, 2018. REUTERS/Kamil Krzaczynskisaid on Friday it had begun to draw down on a NZ$900 million government debt facility that would give it time to review its capital structure and complete a capital raising by June 2021.
New Zealand is due to hold a national election on Oct. 17, with polls showing incumbent Prime Minister Jacinda Ardern is on track to win. Along with interest rates of 7-9%, the loan gives the government the right to seek repayment through a capital raising after six months or convert the loan to equity.
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