American Airlines’ stock rose earlier this week during market volatility around struggling companies, and now the airline is using the opening to sell up to $1.1 billion in new shares.
American said Friday that it reached an agreement with lenders including Goldman Sachs and Citigroup on the offering. Shares fell more than 6% after American’s disclosure, which would dilute the value of existing stock.
A spokesman said the company had no further comment on the timing of the potential stock sale, and would not make any executives available for comment.
