SIA secures $10b of liquidity to combat Covid-19 fallout
Singapore Airlines has raised $10b in fresh liquidity through its recent rights issue as well as through other credit facilities, as the airline industry navigates an unprecedented crisis caused by the coronavirus pandemic. A total of $8.8b was secured through the rights issue last Friday, and a further $900m was raised through long-term loans secured on some of Singapore Airlines's Airbus A350-900 and Boeing 787-10 aircraft,the carrier said Monday. SIA has also arranged new committed lines of credit and a short-term unsecured loan with several banks, which provide further fresh liquidity amounting to more than $500 million. "This puts SIA on a steady footing as it tackles the challenges posed by the global Covid-19 outbreak," said the airline. It added: "During this period of high uncertainty, SIA will continue to explore additional means to shore up liquidity as necessary." All existing committed lines of credit that were due to mature over 2020 have been renewed until 2021 or later, which ensures a continued access to more than $1.7b in liquidity. For the period up to July 2021, the company also has the option to raise up to a further $6.2b in additional mandatory convertible bonds (MCB), which will provide additional liquidity if needed.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-06-08/star/sia-secures-10b-of-liquidity-to-combat-covid-19-fallout
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SIA secures $10b of liquidity to combat Covid-19 fallout
Singapore Airlines has raised $10b in fresh liquidity through its recent rights issue as well as through other credit facilities, as the airline industry navigates an unprecedented crisis caused by the coronavirus pandemic. A total of $8.8b was secured through the rights issue last Friday, and a further $900m was raised through long-term loans secured on some of Singapore Airlines's Airbus A350-900 and Boeing 787-10 aircraft,the carrier said Monday. SIA has also arranged new committed lines of credit and a short-term unsecured loan with several banks, which provide further fresh liquidity amounting to more than $500 million. "This puts SIA on a steady footing as it tackles the challenges posed by the global Covid-19 outbreak," said the airline. It added: "During this period of high uncertainty, SIA will continue to explore additional means to shore up liquidity as necessary." All existing committed lines of credit that were due to mature over 2020 have been renewed until 2021 or later, which ensures a continued access to more than $1.7b in liquidity. For the period up to July 2021, the company also has the option to raise up to a further $6.2b in additional mandatory convertible bonds (MCB), which will provide additional liquidity if needed.<br/>
