American Airlines Group Inc said on Tuesday it plans to offer 74.1 million shares of its common stock priced at US$13.50 per share.
REUTERS: American Airlines Group Inc said on Tuesday it expects to raise about US$2 billion through a stock-and-notes offering in an effort to bolster its balance sheet to better deal with a slowdown in travel due to the COVID-19 crisis.
The company plans to offer 74.1 million shares of its common stock priced at US$13.50 per share, representing a 15.6per cent discount to Friday's close, the last trading day before the company announced its plan to secure US$3.5 billion in new financing.American also said it would offer US$1 billion in convertible senior notes with 6.5per cent coupon rate due 2025 in public offerings.The deal size increased from US$1.5 billion in equity and convertible bonds as announced on Sunday.
Goldman Sachs & Co LLC, Citigroup, BofA Securities and J.P. Morgan will be acting as representatives for the underwriters.
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