MADRID (Reuters) – Spanish airline Air Europa has hired adviser PJT Partners (NYSE:) to raise about 475 million euros ($492 million) in equity and debt, the news site reported on Tuesday Spanish El Confidencial, citing unidentified industry sources.
Air Europa management is seeking to raise 240 million euros ($248.6 million) in new equity and raise 235 million euros in debt to repay an outstanding loan provided by the government during the pandemic, the news site said.
The airline, 20% owned by British Airways owner IAG Group, could increase its equity through the sale of new shares equivalent to a stake of up to 20%, he added.
Air Europa and PJT Partners did not immediately respond to requests for comment.
($1 = 0.9654 euros)