With the global capital markets nearly in a coma, companies are looking at their options for boosting liquidity. For the airline industry, it appears, the current favored option for raising money has been so-called continuous offering programs.
The latest airline to pull off such a deal is Delta Air Lines Inc., taking legal advice from Kilpatrick Stockton partner W. Benjamin Barkley. On Dec. 17, Delta announced plans to sell up to 18.2 million shares of its common stock in a continuous offering program. Based on the stock’s price the day the sale was announced, it would raise up to $200 million for Delta.
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