Amadeus has issued €750 million in new capital and €750 million in senior convertible bonds to further strengthen its capital position.
The tech leader sought to improve its liquidity in the face of the near-term uncertainty caused by the impact of Covid-19 on global travel.
The issuance takes Amadeus’ liquidity to over €4 billion.
The new capital is in two forms:
- Approximately €750 million of new primary equity. Some 19,230,769 new shares have been issued at a price of €39, with a 5.8 per cent discount to Amadeus last trading price.
- A total of €750 million in senior convertible bonds, with a nominal price of €100,000 and a coupon of 1.5 per cent have been issued. Unless previously converted, redeemed or purchased and cancelled, the bonds will be redeemed on April 9th, 2025.
The capital raise was conducted via an accelerated bookbuild, targeted at qualified investors, and has already been completed.
It is part of a comprehensive program to enable the company to confront even the most adverse scenarios, based on assumptions well below the latest projections for air travel by IATA.
Amadeus has already announced a series of liquidity measures, including aims to reduce fixed costs by €300 million and the cancellation of a…