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(Adds background; placement to 'de-risk' upcoming debt
repayments; CEO O'Leary to take part)
By Conor Humphries
DUBLIN, Sept 3 (Reuters) - Ryanair launched a share
placement on Thursday, aiming to raise 400 million euros ($473
million) to help it take advantage of lower costs following the
COVID-19 pandemic to expand its fleet and other initiatives.
The Irish airline, Europe's largest low-cost carrier, said
the equity raise, via a "non-pre-emptive placing of new
ordinary shares ... to institutional investors and certain
others" would begin immediately via an accelerated bookbuild.
Certain directors and members of the senior management team
intend to participate in the placing including Group Chief
Executive Michael O'Leary, who intends to subscribe broadly pro
rata to his current shareholding, Ryanair said in its statement.
While the COVID-19 pandemic has hammered air travel, the
airline said that it was also likely to "create opportunities
for Ryanair to grow its network, and expand its fleet, to take
advantage of lower airport and aircraft cost opportunities that
are likely to arise."
Ryanair flew just under half as many passengers in August
than in the same month last year, but it has one of the
strongest balance sheets in the industry with over 3.9 billion
euros in cash as of June 30 and unencumbered Boeing 737 jets
worth about 7 billion euros.
"The placing is expected to help better position the group
to move quickly to capitalise on such opportunities should they
arise... (and) should significantly de-risk the group's debt
repayments over the next 12 months," the statement said.
Rival airline group IAG, which owns British Airways
and Ireland's Aer Lingus, in July announced plans to raise 2.75
billion euros from shareholders.
Irish stockbroker Davy is the sole bookrunner on the Ryanair
placement.
($1 = 0.8455 euros)
(Reporting by Conor Humphries; Editing by Susan Fenton)
