Southwest Airlines Co. (NYSE: LUV) has announced an underwritten public offering of 55,000,000 shares of common stock of the company, and an underwritten public offering of USD 1.0 billion aggregate principal amount of Convertible Senior Notes due 2025, the company said.
The company intends to grant the underwriters a 30-day option to purchase up to 8,250,000 additional shares of common stock in the Common Stock Offering and a 30-day option to purchase up to USD 150 million aggregate principal amount of additional Convertible Notes.
Morgan Stanley, BofA Securities, J.P. Morgan, BNP Paribas, and Citigroup are acting as the joint book-running managers for the common stock offering and the convertible notes offering, and Morgan Stanley, BofA Securities, and J.P. Morgan are acting as representatives of the underwriters of the offerings.
In its 49th year of service, Dallas-based Southwest Airlines Co. topped 130 million passengers in 2019. In peak travel seasons during 2019, Southwest operated more than 4,000 weekday departures among a network of 101 destinations in the United States and 10 additional countries.