Aer Lingus owner IAG is raising €1bn via two bond sales in order to improve its liquidity position and shore up its balance sheet amid the continuing pandemic. IAG, which also owns British Airways, Vueling and Iberia, raised €2.75bn in September in a highly dilutive equity raise. “The bonds shall bear a fixed rate of interest of which shall be determined as part of the bookbuilding process,” noted the company. Aer Lingus plunged to a €563m loss last year, which included €202m of exceptional items. Its passenger revenue slumped 81.4pc to €382 last year, while cargo revenue jumped to €88m in 2020 from €34m.

Source: Irish Independent March 19, 2021 02:37 UTC