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AMERICAN AIRLINES TO SELL SHARES, DEBT TO SHORE UP FINANCES

American Airlines Group Inc said on Sunday (early Monday, June 22, 2020 in Manila) it plans to raise $1.5 billion by selling shares and convertible senior notes, to improve the airline’s liquidity as it grapples with travel restrictions caused by the coronavirus, Sabahatjahan Contractor and Radhika Anilkumar wrote for Reuters on Monday.


The company expects to use a portion of the net proceeds from the offerings for general corporate purposes and to enhance its liquidity position, the airline said in a statement.

The stock and notes offerings include a 30-day option for the underwriters to purchase up to $112.5 million of additional common shares and up to $112.5 million of additional notes respectively, the company said.

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