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 (USD428.2 million) fully underwritten equity capital raising, comprising an approximate AUD282 million (USD172.5 million) institutional placement and a AUD419 million (USD256.3 million) 1 for 1.74 accelerated pro-rata non renounceable entitlement offer;
• An AUD200 million (USD122.3 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 (USD1.2 billion). [more - original PR]