ANA Holdings Inc. will raise as much as ¥332.1 billion ($3.2 billion) via an overseas share placement, as airlines around the world rush to shore up their finances amid the COVID-19 pandemic.

Japan’s largest carrier, shares in which have slumped 30% this year, will use the proceeds to repay long-term debt and buy Boeing 787 aircraft to improve its capacity, "optimize supply to demand, and reduce negative environmental impacts,” according to a statement Friday.

Airlines globally are mired in their worst-ever crisis as passenger traffic plunges due to the novel coronavirus, and infections show no sign of abating across the Northern Hemisphere ahead of winter.