American Airlines Group Inc. (AAL) stock fell 5.6% Monday, June 22 on news that the company plans to raise $3.5 billion including $1.5 billion from selling stock and debt that can be converted to stock.
Airlines have been scrambling to raise cash to survive a sharp drop in travel. Alaska Airlines said Monday that June revenue will be down about 80% from a year ago, though that’s better than April’s 87% decline and May’s 83% drop. Alaska Airlines’ shares recovered from an early slide and were up 0.7%.s seeking another $3.5 billion in loans as it looks for liquidity during the current pandemic.
Goldman Sachs & Co. LLC, Citigroup, BofA Securities and J.P. Morgan are acting as the joint active book-runners and as representatives of the underwriters for the Common Stock Offering and the Convertible Notes Offering from American.