Travel Daily

Flight Centre raises another $400m


FLIghT Centre overnight confirmed the successful pricing of a $400m issue of convertibl­e notes, with the deal enabling the company to repay some shortterm debt and take advantage of current low interest rates.

hFACEeBOOK­fi@NnORaWEGnI­ANcCRiUIaS­ELIlNEAiUn­NZ,sINtSTArGu­RAMm/YOUTeUBEn@NtOsRWEwGI­ANCiRlUlIS­ELINE pay investors 1.625% per annum and upon maturity on 01 Nov 2028 will convert to new fully paid Flight Centre shares with a conversion price of $27.30 each.

MD Graham Turner said proceeds would help repay a £115 million loan under the Bank of England’s Corporate Financing Facility, as well as enabling Flight Centre to “capitalise on growth opportunit­ies globally as leisure and corporate travel markets continue to rapidly re-open”.

At the Flight Centre AGM this week Turner said the firm was burning cash at a rate of about $40m per month (TD 20 Oct).

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