Air Canada raises USD666m through public share offering

Air Canada closed (30-Dec-2020) a public offering of 35.42 million voting shares at a price of CAD24 (USD18.82) per share, raising aggregate gross proceeds of CAD850 million (USD666.5 million). The company granted underwriters an option to purchase up to an additional 15% of the shares in the offering, exercisable in whole or in part up until 30 days after the offering. Air Canada will use the net proceeds to supplement working capital and for general corporate purposes. The net proceeds will increase the airline's cash position, allowing additional flexibility in operations and in the implementation of pandemic mitigation and recovery measures. The active joint book running managers for the offering are TD Securities, JP Morgan Securities Canada, Citigroup Global Markets Canada and Morgan Stanley Canada. [more - original PR]