We’re in the second week of reporting season and it’s been a mixed bag of results: some good, some not so good. There has however been one recurring theme: companies announcing capital raisings along with their results, either to survive, or as an opportunistic grab. We have identified five companies that have been hit especially hard by the COVID-19 pandemic, and chances are they will require fresh capital to keep afloat.

1. Corporate Travel (ASX:CTD) – With Job Seeker & Keeper being reduced after September, spiking inflation and continued border closures, it’s difficult to see the travel industry recovering anytime soon. This sector was hit hardest and is in real pain. We’ve already seen early casualties such as Virgin Australia (ASX:VAH) go into administration as a result of the border closures. CTD is in the same category, relying on sales generated from its online travel booking platform. While the company said in March it did not have plans to raise capital, it has some $21.6 million of borrowings at December and it can no longer survive without tapping the market for cash, as Victoria pushes the lockdown out by another five weeks.
2. Sydney Airport (ASX:SYD) – Also in the same category as Corporate Travel, the airport is suffering from border closures, grounded airlines and a reduction in sales. At the time of writing, the airport announced a massive $2 billion equity raising along with its profit results. With an interest cover of just 1.1 times, it was a long time coming.
3. Transurban Group (ASX:TCL) – Australia’s largest toll road operator has been significantly hurt by COVID-19 due to a decimation in traffic numbers on TCL’s roads. TCL has withdrawn its guidance and has been relying on  itsfree cash flow. With an interest cover of 2.3 times and the need to support its current credit rating, TCL might look to tap markets for an equity raising soon.
4. Unibail-Rodamco-Westfield (ASX:URW) – Another sector that has been hard hit by COVID-19 is retail property, that is, shopping centre landlords. Lockdown simply wiped foot traffic from shopping centres and forced the closure of many stores. Some refused to pay rent or demanded cheaper deals. And to add to the disaster, shoppers have made a shift to online e-commerce. Experts say this shift could be permanent. URW shares have fallen from an $11.74 high to $4.24. With a net debt to EBITDA ratio of 12.12 times, Unibail-Rodamco-Westfield is very highly leveraged and could look to raise capital soon.
5. Chorus (ASX:CNU) – The dual-listed Chorus is New Zealand’s provider of telecommunications infrastructure. The lockdown in NZ has had a significant impact on Q4 fibre activity and uptake. CNU has a debt pile of about NZ$2.9 billion ($2.6 billion) as at June 2019. The company does have NZ$273 million ($251.2 million) in cash but that is fast depleting. The company has an interest cover of 3.8. One broker has said CNU might look to raise NZ$300 million ($276 million) through a rights issue to shore-up its balance sheet.