Sydney Airport announces USD1.4bn offering

Sydney Kingsford Smith Airport announced (11-Aug-2020) a fully underwritten pro rata accelerated renounceable entitlement offer, with retail rights trading, to raise AUD2 billion (USD1.4 billion). The airport stated the entitlement offer substantially reduces net debt, supports its commitment to maintaining a strong investment grade credit rating, further increases liquidity available to the airport and is expected to enhance the financial resilience of Sydney Airport. Combined with existing liquidity, the entitlement offer proceeds will cover debt maturities, as well as be used for general corporate purposes, including but not limited to capital expenditure. [more - original PR]