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* CEO says successful capital raise will help pandemic
recovery
* EasyJet shares trade down 3%
(Adds book build, share price)
By Sarah Young
LONDON, Sept 28 (Reuters) - British airline easyJet
said its investors had bought 93% of the new shares on offer in
its 1.2 billion pound ($1.64 billion) rights issue, designed to
help fund its recovery from the pandemic.
The airline announced the cash call, its second during 18
months of COVID-19, earlier this month, at the same time as
revealing it had rejected a takeover approach from an unnamed
suitor, believed to be low cost rival Wizz Air.
EasyJet's chief executive, Johan Lundgren, said the extra
funds would enable it to take advantage of new opportunities
likely to arise as carriers like British Airways-owner IAG
, Air France-KLM and Lufthansa
retreat.
"The success of this capital raise, thanks to great support
from investors, will enable easyJet to strengthen its balance
sheet and accelerate its post-COVID 19 recovery plan," he said
in a statement on Tuesday.
The airline's biggest shareholder, the family of founder
Stelios Haji-Ioannou, decided not to participate in the rights
issue, and their stake is set to reduce to around 15% from 25%
when the shares go live at 0800 GMT on Tuesday.
The founder has in the past clashed with management over its
growth plans.
EasyJet shares fell 3% to 686 pence in early deals, after
the underwriting banks, including Credit Suisse, BNP Paribas and
Goldman Sachs, said they would sell the remaining 21 million
shares via an accelerated book build. They closed the book at
0655 GMT, saying it was oversubscribed at 690 pence.
($1 = 0.7311 pounds)
(Reporting by Sarah Young and Paul Sandle; editing by Kate
Holton and Jason Neely)
