Ryanair raises €400m in share placing

Budget airline Ryanair said on Friday that it has raised €400m through a share placing to strengthen its balance sheet and enable it to capture the opportunities that have arisen since the Covid-19 pandemic.

Ryanair placed just over 35.2m shares at €11.35 each, which is a 2.6% discount to the closing share price a day earlier.

Announcing the placing late on Thursday, the company said: "So far, 2020 has proven to be the most challenging period in Ryanair's 35-year history and an unprecedented difficult environment for the wider European airline sector.

"The group believes that it has responded well and that the current environment is likely to result in long-term impacts for the sector which it expects will create opportunities for Ryanair to grow its network, and expand its fleet, to take advantage of lower airport and aircraft cost opportunities that are likely to arise.

"The placing is expected to help better position the group to move quickly to capitalise on such opportunities should they arise."

The airline also said the placing should significantly de-risk its debt repayments over the next year.

At 0830 BST, the shares were up 2.4% at €11.94.