Finnair is planning for an approximately 500-million-euro rights offering due to the COVID-19 impact

Finnair Plc         Stock Exchange Release           29 April 2020 at 9.00 a.m. EEST

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The Board of Directors of Finnair Plc has resolved that the company commences preparations for a rights offering (“the Offering”) due to losses caused by the coronavirus situation, which have decreased the company’s equity. The amount of the Offering would total up to approximately 500 million euros. Citigroup Global Markets Limited and Nordea Bank Abp (“the Joint Global Coordinators”) would act as the Joint Global Coordinators, lead managers and underwriters of the Offering.

The Finnish Government’s Ministerial Committee on Economic Policy has supported that a supplementary budget, which would cover participation of the State of Finland in the Offering, is proposed to the Finnish Parliament. The State of Finland currently holds 55.8% of the shares and votes in Finnair Plc.

An authorisation for the Offering will be sought for in the Annual General Meeting 2020, which is to be held at the end of May 2020. Further information regarding the Offering will be provided in the notice to the Annual General Meeting which will be published later.

“The coronavirus has had an unprecedented impact especially on global aviation and also on Finnair. We want to ensure with this share issue that Finnair is a competitive airline also in the future by significantly strengthening the equity”, says Topi Manner, Finnair’s CEO. 

FINNAIR PLC

Further information:
Finnair communications, 358 9 818 4020, comms@finnair.com

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This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the share issue in the United States or to conduct a public offering of securities in the United States.

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The Joint Global Coordinators are acting exclusively for the Company and no one else in connection with the rights issue. They will not regard any other person as their respective client in relation to the rights issue. The Joint Global Coordinators will not be responsible to anyone other than the Company for providing the duties afforded to their respective clients, nor for giving advice in relation to the rights issue or any transaction or arrangement referred to herein.

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Distribution:
NASDAQ OMX Helsinki
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Finnair is a modern premium network airline, specialising in passenger and cargo traffic between Asia and Europe. Helsinki’s geographical location gives Finnair a competitive advantage, since the fastest connections between many European destinations and Asian megacities fly over Finland. Finnair is the only Nordic network carrier with a 4-star Skytrax ranking and a member of the oneworld alliance. In 2019, Finnair’s revenues amounted to EUR 3,098 million and it carried over 14.7 million passengers. Finnair Plc’s shares are quoted on the Nasdaq Helsinki stock exchange.