- American Airlines (NASDAQ:AAL) is set to increase the size of its share and convertible bond offerings to an aggregate total of $2B, Bloomberg reports.
- American is said to be selling $1B of new shares priced at $13.50 each, 9.5% below today's $14.92 closing price, and the convertible note portion also was increased to $1B, set to price at a 6.5% coupon and a 20% conversion premium, according to the report.
- The carrier had planned to raise $1.5B in the offering, with an equal split of equity and convertible bond sales.
- American also is marketing a $1.5B secured junk bond maturing in 2025 with early pricing discussions for a ~12% yield and a $500M four-year loan facility at an all-in yield of ~11%, Bloomberg reports.
- AAL -1.9% after-hours.
American to raise $2B from share, convertible sale after increasing size
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| Symbol | Last Price | % Chg |
|---|---|---|
| AAL | - | - |
| American Airlines Group Inc. | ||