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Ryanair to raise new capital

Ryanair Boeing 737-800
Ryanair Boeing 737-800, © Ingo Lang

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DUBLIN - Ryanair launched a share placement on Thursday, aiming to raise 400 million euros to help it take advantage of lower costs following the Covid-19 pandemic to expand its fleet and other initiatives.

The Irish airline, Europe's largest low-cost carrier, said the equity raise, via a "non-pre-emptive placing of new ordinary shares ... to institutional investors and certain others" would begin immediately via an accelerated bookbuild. Ryanair management, including CEO Michael O'Leary will participate in the placing.

"The placing is expected to help better position the group to move quickly to capitalise on such opportunities should they arise... (and) should significantly de-risk the group's debt repayments over the next 12 months," the statement said.

Competitor IAG in July announced plans to raise 2.75 billion euros from shareholders.
© Reuters, | 04/09/2020 07:58

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