Ryanair has successfully raised €400 million from shareholders as the Irish airline seeks to strengthen its balance sheet amid the Covid-19 crisis.
The airline issued new shares at a price of €11.35 per share, a discount of 2.6% on the company's closing price last night.
Ryanair raised the money to de-risk its debt payments over the next 12 months.
While coronavirus has hammered air travel, the airline said it was also likely to create opportunities including expanding its fleet and taking advantage of lower airport and aircraft costs.
Stockbroking firm Davy managed the share placing.
“As we look beyond the next year we expect that there will be significant growth opportunities for Ryanair’s low-cost model as competitors shrink, fail or are acquired by government-bailed-out carriers,” the company said on Thursday.
“Post Covid-19 growth opportunities include gaining market share from peers retrenching, further European airline failures and competitive unit cost advantage over other carriers. The placing will provide Ryanair with greater financial flexibility to capture these opportunities.”
