Alstom to Raise €1 Billion in Share Sale to Improve Finances [BNN Bloomberg (Canada)]
ALSTOM UNSP/ADR (ALSMY)
NASDAQ:AMEX Investor Relations:
alstom.com/investor-relations
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Source: BNN Bloomberg
The rights issue, alongside a new €750 million hybrid bond, is part of a plan to cut debt following a warning in October that wiped billions of the company's valuation. Alstom's credit outlook will be changed to stable after the closing of the share sale and bond issuance, it said Wednesday. Alstom also reported a wider adjusted net loss of €309 million for fiscal 2023, and the company doesn't plan to pay a dividend for the year. The French manufacturer is set to work on new efficiency measures, including cuts to indirect procurement costs, Chief Executive Officer Henri Poupart-Lafarge said in a statement. The company has been reeling in the aftermath of slashing its cash-flow outlook last year after the delays in the UK and other issues. Last year's warning, in part because of ongoing struggles with non-performing contracts from the $5.5 billion acquisition of Bombardier Inc. more than three years ago, erased as much as €3.1 billion from the company's share price in a single day
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