Firms pursue cash, loans to stay viable

Live to see another day has become a mantra for companies across all sectors, from restaurants to airlines. The Fed is using its tools to help, but most of the cash is being raised in the private sector.

• American Airlines will try to raise $3.5 billion to offset the cash it’s burning through with airports still largely empty. The Texas carrier will offer $1.5 billion in senior secured notes and it’s taking out a new loan of $500 million, due in 2024. American is raising another $1.5 billion through the sale of shares and convertible senior notes, the latter due the following year.

• TripAdvisor said Monday that it had $693 million of cash and cash equivalents at the end of last month, down $105 million from the end of March. It is looking at how to best raise new funds.

The travel service recorded only 33 percent and 45 percent of the unique visitors that it had last year in April and May. That trend began to bend the other way in May, when the number of unique users rose about 38 percent from the previous month.

• Bed Bath & Beyond announced an $850 million revolving credit facility with a group of banks. The retailer said Monday that the pandemic significantly impacted its operations during the fiscal first quarter. The chain had to temporarily close its stores in the period. Bed Bath & Beyond expects approximately 95 percent of its total store fleet to reopen by the end of this week and nearly all stores to reopen by July.