The Flight Centre Travel Group (ASX:FLT) launched an offering of $400 million senior unsecured convertible notes due 2027, which are convertible into fully paid ordinary shares in Flight Centre.
Graham Turner, Managing Director of Flight Centre said: “The recent easing of lock-down restrictions in Australia, our largest market, gives us confidence of further improvement in the near term.
The company remains cautious due to the environment in the Northern Hemisphere, but welcome news of Pfizer’s positive Covid-19 vaccination trial data.
As a result of the Offering, total liquidity at 30 September 2020 on a pro-forma basis increases to $1.3 billion, with total cash and cash equivalents increasing to $2.0 billion.
Sales in September 2020 were 12 per cent of normal levels, with net operating cash outflow of $40 million for the month.
Shares in The Flight Centre Travel Group (ASX:FLT) closed 9.26 per cent higher at $15.70 yesterday.