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Lifestyle Uganda > Blog > Business > United Airlines hit hard by Coronavirus pandemic, turns to stock Offer
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United Airlines hit hard by Coronavirus pandemic, turns to stock Offer

Lifestyle Uganda
Last updated: 23rd April 2020 11:59 am
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Lifestyle Uganda
ByLifestyle Uganda
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United Airlines hit hard by Coronavirus pandemic
Shares of United Airlines have fallen nearly 70%. Photo/Shutterstock
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United Airlines hit hard by Coronavirus pandemic
Shares of United Airlines have fallen nearly 70%. Photo/Shutterstock

United Airlines turns to desperate stock Offer as Coronavirus pandemic stops Travel

Shares of United Airlines have fallen nearly 70% since the start of the year, as the Coronavirus pandemic has reduced travel demand for all time.

In response, the Chicago-based company has been forced to make a new equity offer in a fundraising effort.

New stock offer

The airline announced Tuesday that it has hired financial firms Barclays and Morgan Stanley to sell 39.25 million new shares to investors.

Those shares represent approximately 14% of United’s expanded stock title and are worth a total of $ 1 billion.

Shares are 5% lower than United’s Tuesday closing price, which is the highest since United Shares hit $ 27.88 on Wednesday afternoon. Due to the fall of 25.50.

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If the demand for stocks allows it, there is even an opportunity for United to raise more money. Option to sell an additional 3.9 million shares. This second round of sales could raise another 14 1.14 billion.

United Airlines hit by Coronavirus pandemic

United Airlines has been hit hard by the pandemic. Its first-quarter report showed a pre-tax loss of $ 2.1 billion, as the airline’s revenue fell 17% compared to the first quarter of last year.

Government assistance

United is just one example, the entire aviation industry is hurting. Last week, U.S. airline companies received a bailout after weeks of demanding the government for financial aid.

In that, United Airlines used $5 billion in subsidies and low-interest loans to pay employees.

In exchange for these payroll funds, the government has been given the opportunity to buy 4.6 million shares, representing approximately 1.9% of United’s shares.

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United also issued $ 4.5 billion in secured debts beginning in September. In return for these debts, the United States government granted 14.2 million shares or 7.6% of the company.

However, the sale of their new equity offer will reduce United’s stake in the government’s stake by 6.5%.

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Time will tell whether these stock offerings will save United Airlines. The coronavirus pandemic is out of sight and consumer sentiment is not on the airline’s side.

However, interested investors will see this as a good time to buy into the downturn.

However, in a Securities and Exchange Commission submission, United wrote that “substantial amounts of debt have been written off, particularly in response to additional Cash transactions in response to the Covitt-19 and non-investment credit ratings. It may be difficult for the company to raise additional capital.”

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TAGGED:Coronavirus pandemic reduced travel demandShares of United Airlines fallenShares of United Airlines fallen nearly 70%Shares of United Airlines have fallenUnited Airlines hit by CoronavirusUnited Airlines turns to stock Offer

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