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- Amadeus issues new capital and senior convertible bonds, increasing its liquidity to over €4billion
Amadeus has issued €750million in new capital and €750million in senior convertible bonds to further strengthen its capital position and improve its liquidity to face the near-term uncertainty caused by the impact of COVID-19 on global travel. The issuance takes Amadeus’ liquidity to over €4billion.
The new capital is in two forms:
- Approximately €750million of new primary equity. 19,230,769 new shares have been issued at a price of €39.00, with a 5.8% discount to Amadeus last trading price.
- €750million in senior convertible bonds, with a nominal price of €100,000 and a coupon of 1.5% have been issued. Unless previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed on April 9, 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 on March 23rd, including:
- Efficiency measures to reduce fixed costs and capital expenditure by an approximate annual run-rate of €300million
- Cancellation of the complementary dividend payment of €320million scheduled for June 2020.
- An incremental €1billion loan facility, entered into with a group of banks of reference, with a one-year term, adding to our currently existing liquidity composed of €1bln of undrawn revolving credit facility and €660mln of cash.
Amadeus’ total liquidity position means it is well prepared to meet its financial commitments for 2020. Amadeus has two financial obligations reaching maturity in 2020:
- €730million in commercial paper (as of March 23rd 2020).
- €500million in Senior Bonds maturing in October 2020.
As the impact of COVID-19 continues to affect the travel industry, Amadeus’ priorities remain ensuring the health and well-being of our employees, supporting our customers, and protecting our own business in these unprecedented times. We believe we are positioned to withstand the current environment with strength, and we remain confident in our long-term, proven strategy for growth and shareholder value creation.
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