https://www.afr.com/street-talk/qant...0200625-p555y3
After a long night of deliberations, Qantas Airways has launched a $1.36 billion institutional placement and unveiled its three year post-COVID recovery plan, which will see more than 100 aircraft grounded for the next 12 months.The deal – which
was foreshadowed by Street Talk on Wednesday evening – was launched on Thursday morning, with the help of investment banks Macquarie and JPMorgan. It is understood Luminis Partners also advised on the deal.
The fully underwritten placement was priced at $3.65 a share, which represented a 12.9 per cent discount to Qantas' last close.
It would be followed by a $500 million non-underwritten share purchase plan.
Like all airlines, Qantas has been on equity raising watchlists since the pandemic struck but up until Thursday had resisted calls to make a trip to equity capital markets.
It raised $550 million debt in May and $1.05 billion in March to shore up its cash position.
When Thursday's share purchase plan and placement were finished, Qantas would have pro forma liquidity of $4.6 billion, with $3.6 billion in cash and $1 billion of undrawn facilities.
The announcement of the raising coincided with the release of Qantas' three year COVID-19 recovery strategy