News: SYD Sydney Airport To Raise $2.0 Billion

Aug 11 (Reuters) - Sydney Airport Holdings Pty Ltd (SYD) :

• ANNOUNCES A FULLY UNDERWRITTEN PRO RATA ACCELERATED RENOUNCEABLE ENTITLEMENT OFFER, WITH RETAIL RIGHTS TRADING, TO RAISE $2.0 BILLION
• "THERE REMAINS UNCERTAINTY AS TO HOW LONG IT WILL TAKE FOR AVIATION MARKETS TO RETURN TO PRE-COVID-19 LEVELS"
• FOLLOWING OFFER, PRO FORMA NET DEBT POSITION WILL BE SIGNIFICANTLY REDUCED FROM $9.1 BILLION TO $7.1 BILLION AS AT 30 JUNE
• TARGETING AT LEAST 35% REDUCTION IN OPERATING COSTS FOR 12 MONTHS FROM 1 APRIL 2020
• CAPITAL PROJECT EXPENDITURE WILL BE FURTHER REDUCED, WITH A TARGET RANGE OF $100 TO $125 MILLION FOR CALENDAR YEAR 2021
• NO DISTRIBUTION IS EXPECTED TO BE DECLARED FOR 2020