News
Air New Zealand raises US$770.8 million in fresh capital
May 6th 2022
Air New Zealand (AirNZ) has completed its NZ$1.2 billion (US$770.8 million) capital raising after 88% of eligible shareholders took up their rights to purchase two new shares for every AirNZ share held. Read More » Investors included the New Zealand government, which maintained its 51% shareholding in the carrier after the capital raising. Additional funds were raised through a shortfall book build, where shares not taken up are sold to existing shareholders and new investors. The book build was underwritten by Citigroup Global Markets Limited and UBS New Zealand Limited. "The capital raised will allow us to repay the government loan and strengthen our balance sheet as part of the broader NZ$2.2 billion recapitalisation," AirNZ chair, Dame Therese Walsh, said. "Having refuelled, our full focus now turns to reconnecting New Zealand with the world and playing our part in New Zealand's recovery from COVID-19." The company was continuing to work on its debt capital markets transaction, she added.
