Auckland Airport raises equity and seeks covenant waivers

06 April 2020 - 12:00 am UTC

Auckland Airport launched a fully underwritten NZD 1.2bn (USD 705m) equity raising today to see it through the coronavirus shock.

The NZX and ASX-listed company went into a trading halt on Monday morning while it conducted a bookbuild to raise NZD 1bn via a share placement. A further NZD 200m will be raised using a share purchase plan.

The placement has been underwritten at a floor price of NZD 4.50 per share, a 10.7% discount to its last close price of NZD 5.04 on 3 April, and a discount of 12.6% to the five-day volume weighted average price of NZD 5.15 before the announcement.

Further details of the share purchase plan will be announced on 9 April and shareholders will have until 24 April to apply.

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