South African Air seeks ZAR16b in long-term funding
South African Airways is seeking ZAR16b (US$1.1b) in long-term funding that the unprofitable carrier said will be used for working and capital expenditure and to help manage outstanding debt. The airline will need to access the funding 2 weeks after the signing of loan documentation, SAA said in a request for proposals from financial institutions. The company is seeking rand-denominated secured and unsecured funding with a 3 to 15-year tenure and has set a closing date of Sept 16 for proposals. It won’t consider commercial paper or bond issuance at this stage. The notice seeking funding “reinforces the urgent need for parliament to intervene and to have an emergency meeting with SAA,” Alf Lees, the deputy finance spokesman for the main opposition Democratic Alliance, said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-08-30/star/south-african-air-seeks-zar16b-in-long-term-funding
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South African Air seeks ZAR16b in long-term funding
South African Airways is seeking ZAR16b (US$1.1b) in long-term funding that the unprofitable carrier said will be used for working and capital expenditure and to help manage outstanding debt. The airline will need to access the funding 2 weeks after the signing of loan documentation, SAA said in a request for proposals from financial institutions. The company is seeking rand-denominated secured and unsecured funding with a 3 to 15-year tenure and has set a closing date of Sept 16 for proposals. It won’t consider commercial paper or bond issuance at this stage. The notice seeking funding “reinforces the urgent need for parliament to intervene and to have an emergency meeting with SAA,” Alf Lees, the deputy finance spokesman for the main opposition Democratic Alliance, said. <br/>
