IAG launches rights issue with focus on flexibility

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By Sam Kerr
10 Sep 2020

IAG, the airline holding company that owns British Airways, has launched its €2.75bn rights issue to help fund it through the coronavirus pandemic. The company does not expect a return to normal operations until 2023, but is hoping its ability to be flexible in offering flights to areas that are recovering more quickly will be enough to persuade investors to take part in the cash call.

Deutsche Bank, Goldman Sachs and Morgan Stanley are global co-ordinators on the fully underwritten rights issue. Bank of America, Barclays, Citi, Credit Suisse, BBVA and Santander are bookrunners on the deal.

The company will sell just under 2.98bn new ...

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