Air NZ announces revised Crown support package

Air New Zealand has announced a revised Crown support package, increasing the overall liquidity support available to $2 billion.

The package comprises a new agreement which allows the airline to issue up to $1 billion of non-voting redeemable shares to the Crown and a reduction in the existing secured facility from $1.5 billion to $1 billion, with an extended term to January 2026.

NZX has granted Air New Zealand waivers from the relevant requirements under NZX Listing Rules to obtain shareholder approval for entry into and performance of the package.

As at 14 December 2021, the airline has drawn $505 million of the existing Crown Loan, with estimated drawings possibly reaching $900 million by late February or March 2022.