6-Apr-2020 11:32 PM
Flight Centre Travel Group to raise USD428.2m fully underwritten equity raising
Flight Centre Travel Group (FCTG) announced (06-Apr-2020) a package of initiatives designed to strengthen its balance sheet and liquidity position in the context of prevailing market uncertainties and position it for future growth. Details include:
- An approximate AUD700 million fully underwritten equity capital raising, comprising an approximate AUD282 million institutional placement and a AUD419 million 1 for 1.74 accelerated pro-rata non renounceable entitlement offer;
- An AUD200 million increase in commitments from existing lenders;
- Confirmation previously announced cost control initiatives and cash preservation initiatives are anticipated to reduce annualised operating expenses by approximately AUD1.9 billion. [more - original PR]