Air New Zealand raises $1.2 billion as it concludes equity raise

Air New Zealand Chair Dame Therese Walsh says this is fantastic news for the airline and New Zealand.

"We're over the moon with the success of the rights offer, which has raised $1.2 billion. Millions of shareholders took part, taking up 100% of the rights available, exceeding our expectations and benchmarks for this type of offer.

"The whole Air New Zealand whānau is incredibly grateful to our shareholders, big and small, for backing us as we recapitalise, as they have throughout the pandemic.

"Structuring our Rights Offer in a way that was fair to all shareholders, provided plenty of time for shareholders to participate and was well-timed, has proven the be the right decision."

There was significant interest in the bookbuild with a final price achieved of NZ$0.81, which is a premium to the offer price of NZ$0.28 per share.

Shareholders who did not participate were still able to receive value for their rights through the bookbuild process. Eligible shareholders who elected not to take up their entitlements and ineligible shareholders will receive NZ$0.28 for each share sold for their benefit in the Bookbuild.

"The success of the offer underscores the confidence shareholders have in our strategy, the future of the airline – and a love for Air New Zealand as the national carrier," says Dame Therese.

"The capital raised will allow us to repay the government loan and strengthen our balance sheet as part of the broader $2.2 billion recapitalisation. The company continues to progress its debt capital markets transaction.

"Having refueled, our full focus now turns to reconnecting New Zealand with the world and playing our part in New Zealand's recovery from Covid-19."

Ends

Issued by Air New Zealand Communications.

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