Sydney Airport (ASX:SYD) raises approximately $2.0b

Company News

by Michael Luu

Sydney Airport (ASX:SYD) has completed a retail shortfall bookbuild to strengthen its “financial resilience” in “challenging” pandemic circumstances. The milestone marked the competition of its Entitlement Offer worth $695 million. Under the bookbuild, 58.1 million New Securities have been issued at an offer price of $5.50 per New Security.

The Entitlement Offer, in combination with the Institution Offer on 14 August 2020, has generated approximately $2.0 billion. Sydney Airport Chairman, Trevor Gerber believes this will ensure the company’s strong positioning when “recovery emerges”.

Shares in Sydney Airport (ASX:SYD)  are trading 2.26 per cent lower at $5.61